China Merchants Bank to Join Greater Bay Area Testing Ground for Fintech

China Merchants Bank Co. Ltd. (CMB) and one of its Hong Kong subsidiaries have won initial approval to conduct product trials as part of a cross-border fintech pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

An artificial intelligence-backed identity verification tool developed by CMB and CMB Wing Lung Bank Ltd. will be used when the latter’s Chinese mainland customers open a Hong Kong-dollar account on its app, according to a product description released by the Shenzhen branch of the People’s Bank of China (PBOC).