Wednesday, 22 September 2021

WeBank leads in financial performance and application of AI and blockchain technologies

5 min read

By Dandreb Salangsang

WeBank bolstered strong financial performance with its innovative digital technology applications. It increased its operating income by 33.69% and posted return of assets of 1.6% and return on capital of 30.8%.

  • WeBank’s operating income grew by 33.69% YoY, the highest in the industry
  • The bank led the creation of the FISCO BCOS community which has been adopted by hundreds of application projects
  • The bank’s AI team developed the open source industrial grade Federated Learning Framework FATE (“Federated AI Technology Enabler”) used by over 1,000 institutions worldwide

WeBank was awarded the Best Digital Bank in Asia Pacific and China at The Asian Banker International Excellence in Retail Financial Services Awards 2021. The bank leveraged digital capabilities to improve customer experience.

 

WeBank, kakaobank, CBA, China Merchants Bank, CTBC, Ping An Bank, ICICI Bank, Liv by Emirates NBD, DBS and OCBC were the finalists for the Best Digital Bank award. WeBank is the first bank in China to provide a fully autonomous and controllable distributed ledger system that supports 750 million transactions per day at the peak, and served over 290 million of customers cumulatively.

Financial Performance: WeBank’s operating income grew by 33.69% YoY

WeBank posted the highest revenue growth of 48% year-on-year (YoY) while operating profit grew by 33.69%, ahead of kakaobank and China Merchants Bank (CMB). CTBC had modest growth. WeBank saw a return on assets of 1.6% and return on capital of 30.8%. 

The pandemic drove the growth of digital users. Among the banks, WeBank had the highest growth in digital customer base with 35% YoY. kakaobank, CMB and CTBC have seen modest growth in  digital users. 

Ecosystems and Open Banking: It led the creation of the FISCO BCOS which has been adopted by hundreds of application projects

WeBank led the creation of the Financial Services Blockchain Consortium (FISCO) BCOS (Be Credible, Open and Secure) community. FISCO BCOS has brought together more than 40,000 individual developers and around 2,000 companies and institutions to participate in the blockchain industry ecosystem. FISCO BCOS has been adopted by hundreds of application projects for practical research and development which covers government affairs, finance, public welfare, health care, education, transportation, copyright, recruitment,  and agriculture, etc. More than 120 applications have been operating actively in an ecosystem environment.

Five out of 10 award winning projects in the fourth China blockchain development competition hosted by the China Electronics Standardisation Institute are based on the FISCO BCOS platform. In the second developer competition hosted by BSN in China in 2020, 8 out of the 10 winning teams adopted FISCO BCOS.

The bank’s blockchain technology is also adopted by a health code application designed during COVID-19 pandemic  to enable cross-border travel of citizens and securely recognise their information (without data transfer) between local government units at the point of control, or from one area to another.

Digital User: AI technologies improved the service efficiency and user experience of inclusive finance

WeBank’s artificial intelligence (AI) technologies such as facial recognition, natural language processing (NLP) , federated learning, and other technologies have promoted the intelligent transformation of customer service, and effectively improved back office functions such as anti-money laundering, identity fraud, and credit risk control, and intelligent equity pricing. It was also applied in joint modelling of credit data of customer’s loans and microloans. It has solved 70% of the issues raised by small and medium-sized enterprises (SMEs). The joint modelling was able to realise $1 billion worth of enterprise loans.

As a "federated learning" technology leader, WeBank's  AI' team developed the open source industrial grade Federated Learning Framework, FATE (“Federated AI Technology Enabler”).  The framework has been adopted by more than 800 companies and over 300 research institutions and university users worldwide.

Click here to see the Evaluation Criteria

Click here to see the full Digital Bank ranking

点击这里阅读中文

 



Keywords: Digital Transformation, Bank Profit, Digital Bank, Growth, Blockchian, AI
Country: China
Region: Southeast Asia
Leave your Comments
Recent Comments



From Our Sponsors
From the Web
Please register to continue to access/read content on this website as well as receive our weekly TAB Perspectives e-newsletter for free