Issue No 175A
The competitive advantages of digital capabilities and cost advantages were leveraged particularly well by Chinese commercial banks despite a challenging operating environment. Ping An Bank has doubled its business scale and operating efficiency, with growth rates far exceeding its peers. Ping An Bank’s ascent to become the top retail bank in China and the world signals a momentous industry shift that an insurance-led and technology-driven financial conglomerate is driving some of the most impactful changes in the sector. WeBank excelled in scaling its digital capabilities and built China's first fully autonomous and controllable distributed ledger system that supports more than 360 million transactions per day, reflecting a broader trend where blockchain-based applications with retail banking use cases are increasingly becoming mainstream.