Joint lab to foster cutting-edge technology in banking

Tencent-backed online lender WeBank announced on Monday that it has established a joint laboratory with the Hong Kong University of Science and Technology to nurture talent and explore cutting-edge technologies in the banking industry.

Leveraging both parties’ advantages in research and knowledge transfer in the Greater Bay Area (GBA), the lab will collaborate on areas spanning artificial intelligence, big data and blockchain as well as financial and regulatory technologies.

A scientific committee will be set up to identify the projects  most relevant to both parties.

Possible research topics include ways to protect private data amid sharing of resources, and how to establish a blockchain consortium or apply new technologies such as distributed commerce.

The lab will seek to boost banks’ risk management capabilities by monitoring transactions and assisting officers in risk analysis and system maintenance work through machine learning and data mining.

 It will also strive to enhance the banking sector’s development through fintech and other cutting-edge technologies. Nine research proposals have been submitted to the lab so far in the fields of blockchain, risk management and AI.

The partnership will serve as a high-level collaborative innovation platform for enterprises, universities and research institutes to promote knowledge transfer under the GBA Development Framework, the bank added.