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ICBC to Launch New Fintech Research Arm

By Simin Wen / Nov 05, 2019 06:26 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese state-owned lender Industrial and Commercial Bank of China (ICBC) is establishing a fintech research institute, according to a Monday filing to the Hong Kong Stock Exchange.

The institute will focus on emerging technologies, particularly their innovation and application, the statement said, adding that it will also promote the further implementation of ICBC’s smart banking strategy. ICBC plans to integrate the operations and management of the research institute with its existing FinTech Innovation Lab.

In July, Chairman Chen Siqing reportedly led a delegation to Tencent’s headquarters in Shenzhen with an eye on potential future cooperation in rapid payment systems.

Related: In Depth: Cheers and Fears in $283 Billion Bank-Tech Lending Tie-Up

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