Home >News Updates >ICBC News
ICBC Technology Company Officially Opens for Business in Xiongan New Area

On May 8, ICBC Technology Co., Ltd. (hereinafter referred to as “ICBC Technology”), a wholly-owned subsidiary of Industrial and Commercial Bank of China (“ICBC”), officially opened in Xiongan New Area, becoming the first technology company in the banking industry established there. Mr. Chen Siqing, Mr. Gu Shu and Mr. Guan Xueqing of ICBC, Deputy Director Wu Haijun of the Xiongan New Area Management Committee, Director Li Wei of the Technology Department of the People’s Bank of China, and Chairman Song Hanguang of Shanghai Commercial Paper Exchange Corporation jointly unveiled ICBC Technology.

At the opening ceremony, ICBC Technology signed the Financial Technology Cooperation Memorandum with the Reform and Development Bureau of Xiongan New Area Management Committee and the Strategic Cooperation Agreement with Shanghai Commercial Paper Exchange Corporation to jointly promote the development and application of cutting-edge technology in the financial field. At the same time, the Xiongan New Area Management Committee officially launched a Blockchain Platform for Xiongan Resettlement Fund Management, which will apply the ICBC blockchain technology to realize the full-chain management of original archives and funds allocated in a penetrative manner. In the future, ICBC will also set up the “ICBC-Xiongan Digital Finance Laboratory” to serve the development of Digital Xiongan and Intelligent Xiongan.

Mr. Chen Siqing said in his speech that the opening of ICBC Technology was a strategic move by ICBC to establish a smart bank based on the nature of finance and its technological advantages by pooling innovation capabilities across the Bank. Distinctive open gene is an important support for ICBC to implement open transformation of business and IT architecture based on an open financial service concept. On the basis of optimizing existing technology institutions, ICBC will accelerate the expansion of its product and service value chain by establishing technology companies, and continuously improve customer service capabilities to form an ecological value system highlighting commercial value and industrial value, social value and public value. After its establishment, ICBC Technology will build a specialized and market-oriented operation mechanism that meets the requirements of financial technology development, and probe into new modes and new paths in terms of innovation and R&D, talent incentives, integration of production, education and research, striving to become a model in the industry to “serve the society, build ecology, lead innovation, and gather talents”.

Leading bank reengineering by staying true to the transformation of information technology, ICBC is committed to becoming the “main force” of financial technology and providing customers with safer, more convenient and more inclusive financial services by building an open, cooperative and win-win financial ecosystem. Settled in Xiongan New Area, ICBC Technology marks another milestone for the in-depth cooperation between ICBC and Xiongan New Area after the establishment of ICBC Xiongan Branch.

The construction of Xiongan New Area is a major historic and strategic choice. It is a millennium plan and a national event. In terms of serving the development of Xiongan New Area, ICBC has actively participated in the construction of Intelligent Xiongan relying on its advantages in financial technology innovation. To be specific, ICBC has continuously expanded the “blockchain+” platform, and the project fund management system developed by ICBC has been used for most of the projects of China Xiongan Group and its subsidiaries, including flood blocking channels, Tanghe pollution control, spring and autumn afforestation projects. It covers more than 300 participating enterprises and more than 5,000 participants in the projects and helps achieve transparent operation of funds. ICBC leverages artificial intelligence, biometrics, big data and other technologies to actively serve the economic and social development of Xiongan New Area. Based on the campus smart card, it uses artificial intelligence and biometric technology to build smart campuses, covering all schools aided by Beijing and Hebei key schools and colleges. As regards parking charges, high-speed traffic and other scenarios, ICBC assists Xiongan New Area in pushing forward the joint construction of smart vehicle administration scenarios and designing the integrated vehicle management and driving management mode.