WeBank and the Macao Government Join Hands over Smart City Boosted by Blockchain Solutions under the Greater Bay Area Initiative

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MACAO, Feb. 28, 2019 /PRNewswire/ -- On February 27th, WeBank Co., Ltd. ("WeBank") signed a collaboration agreement with the Macao Science and Technology Development Fund ("FDCT"), established by the Macao government. The two parties will collaborate in the development of Smart City infrastructure, public services, government administration, and talent training. Ma Chi Ngai, President of Adm. Committee of FDCT, and Henry Ma, Executive Vice President and Chief Information Officer of WeBank, attended the signing ceremony.

According to the agreement, the two parties will establish a long-term collaboration on Fintech to jointly promote the futuristic urban development of the Macao SAR. Blockchain, Artificial Intelligence, Big Data, Cloud Computing, among other innovative technologies, will be used to enhance the science and technology capabilities of the Guangdong-Hong Kong-Macao 'Greater Bay Area'.

Ma Chi Ngai, President of Adm. Committee of FDCT, stated: "Building a Smart City is a strategic step for the SAR government to develop its economy and to improve residents' livelihood. As a governmental agency, the FDCT will actively work with the Macao government to promote the implementation of the Smart City. In this collaboration, we will utilize innovative technologies such as Blockchain as a fulcrum to strengthen the technological innovation capabilities of the SAR government, to promote the development of the Smart City, and to benefit people's livelihood through science and technology. Moreover, through the strong collaboration and mutual support, we will take full advantage the Greater Bay Area's strength in technological innovation to inject new vitality into the region."

Henry Ma, Executive Vice President and Chief Information Officer of WeBank, said in his speech: "WeBank is the first digital-only bank in China. Based in Shenzhen, the capital of innovation in the Greater Bay Area, we are committed to combining Fintech best practices with our own open technology strategy to provide secure, reliable and open source solutions for partners around the world. In the future, WeBank and the Macao government will expand their collaboration and jointly explore new models of cooperation between the public and private sectors. I am expecting that our collaboration will provide a meaningful reference for all enterprises and individuals committed to the development of the Greater Bay Area."

According to both parties, the first collaboration project is based on "WeIdentity", an Entity Identity Authentication and Trusted Data Exchange solution. In the traditional model, the exchange of personal data across agencies and departments poses many problems. WeIdentity offers a secure and efficient solution for inter-institutional identity authentication and data cooperation through Blockchain, providing technical support for e-government services in Macao and enhancing the service experience of Macao residents.

With technology deeply imbedded into the bank's DNA since inception, WeBank continues to drive improvements through the development of leading technologies. Investment into technology R&D accounts for more than 30% of the total expenditure at the bank with more than half of all staff serving in technical roles. Since 2015, WeBank has been a leader in the development of Blockchain and distributed ledger technology. Relying on its core technological expertise in Blockchain, WeBank had made great advancements in R&D, use case exploration, industry knowledge exchanges and government cooperation on the topic of Blockchain.

The newly released "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" indicates the aim of implementing an innovation-driven development strategy, boosting the coordination of Guangdong, Hong Kong and Macao in constructing a dynamic community of collaboration and innovation. The signing of this agreement between WeBank and the FDCT serves as a powerful example of this strategy with both government agencies and enterprises making contributions in developing the Greater Bay Area.

Please visit http://fintech.webank.com/weid for more information.

SOURCE WeBank