What is a digital bank?What is the difference from traditional banks?



Mathematics Bank is 突发新闻different from the characteristics of traditional banks relying on physical outlets and cash storage business. With the advent of the digitalization and blockchain era, digital assets will become the most important form of assets and replace traditional banknotes. Mathematical assets include digitalization.The legal currency, more importantly, the encrypted digital currency generated by the blockchain.At the same time, digital asset preservation and value -added, savings and transfer services have urgently spawned the birth of digital banks. In recent years, traditional banks have also transformed into mathematics.Digital banks that are currently doing in the industry are GIB Global Investment Digital Banks.It is the world's first "banking" platform based on blockchain consensus, and is also a quasi -listed company.For more content, please add V (lshijie1314) detailed communication.

SMEI:Every day, countless users around the world will open Google search for new banks to replace the services of traditional banking institutions.Whoever won the attention of these users will get the title of Best Digital Bank in 2022.This article has launched the TOP100 ranking for everyone to use the industry's top enterprise ranking activities to promote the development of industry benchmarking enterprises and marketing occupations.

Ranking background:

The launch of iPhone in 2007 has always changed the banking industry.Although some Internet banks already exist before, Apple products have completely changed consumer habits almost overnight.It didn't take long for innovators to find that smartphones can make pure digital banking business more attractive and influential.The well -known digital banking institutions Simple and Ally Bank were launched in 2009. Moven was launched in 2011 and Chime was launched in 2013.The gate of pure digital banking institutions opened in 2015.There are hundreds of well -known pure digital banks around the world, and new institutions will occur from time to time.

This article combined with the Financial Brand (The Financial Brand), using the list of new banks and pure digital banks, using Google Search data, and searching for data from the keywords of AhRefs website AhRefs in 2021.The ranking is based on the number of actual users, the number of new user growth, the size of the user, the speed of user growth, the scale of assets, etc., and the data sources are not limited to the third -party Internet platform data, the company's own disclosure data, etc.Businessfinancing.co.uk(A financial and loan research and information website) assessment data provided.

TOP 1

Square, the United States

According to data statistics based on Business Financing, Square's monthly search volume is 719,000 times, which is the most popular digital bank in the United States.However, unlike most new US banks, the user base of Square is not only composed of consumers, but also provides services to small and medium -sized enterprises in the United States.Globally, Square’s Global MonthThe search volume exceeded 880,000 times.

When Twitter founder Jack Dorsey launched Square in 2010, the company sold "encrypted dogs" for small and micro -enterprises to insert mobile devices in order to enable merchants to receive credit card payment.In 2013, the Cash App launched the mobile P2P institution of Venmo (now the company becomes Zelle).In 2021, Square founded Square Financial, a industrial bank that was operated in Utah.A few months later, it successively launched the bank platform to launch Square Saves, Square Checking (check) and Square Loans services.

So, maybe readers and friends will be curious why Chime, which exceeds 12 million users, does not ranks first?Although Square is usually considered a small enterprise payment company, according to the Business of Apps data, 36 million monthly active users are used to use the P2P payment solution on its Cash APP, so the total number of Chime users seems to be dwarfed, butBecause the Cash APP is widely used in Bitcoin transactions, for Chime's individual users, it is still the most popular digital bank app in their minds.

TOP 2

Monzo, Britain

Monzo's success is a typical representative of British digital bank innovation.Since its establishment in 2015, Neobank has accumulated about 5 million users.

According to the data analysis of Business Financing, Monzo's monthly user search in the UK is about 237,000 times (7,600 times in the United States). This data confirms that Monzo has surpassed the well -known digital banking competitors Starling Bank (the search volume is 213,000), Revolut (search volume of 196,000 times) and Stripe (the search volume is 96,000 times).The reason is that Monzo provides a whole set of traditional bank products for individual users and business users, and uses a marketing strategy of "buy immediately, pay futures".But unfortunately, Britain's success on digital banks did not make Monzo jump to the United States ranking, and the company temporarily withdrew its application for national bank licenses.

TOP 3

Tangerine, Canada

According to the data analysis of Business Financing, TANGERINE, a subsidiary of Fengye Bank, has a Google search volume of 597,000 times.This digital bank has accumulated 1.9 million customers.Although most pure digital banks began in the 21st century, Tangerine was founded in 1997. The earliest name was: Ing Direct Canada.Fengye Bank acquired the agency in 2012 and renamed it a few years later.

Although Business Financing believes that the Bank of Canada is a pure digital bank, Tangerine does set up "a place to drink coffee" (bank physical institution) in Toronto headquarters.

TOP 4

Revolut is among the best in 17 countries/regions in Europe

The top of Europe is REVOLUT, which dominates the region with an overwhelming advantage.

According to Business Financin data, it is the most popular pure digital bank in 17 European countries/regions.Neobank is among the best on the ranking, and its slogan is "the first fintech bank that provides services to the new group."Revolut not only serves individual users, but also focuses on small and medium -sized enterprises.Globally, Revolut’s monthly search volume is989,200 times.

TOP 5

Ubank, Australia

Ubank is mainly a digital banking platform, but there are also physical branches, because it is similar to Tangerine. According to the data of Business Financing, we also include it in the list of digital banks and the most popular in Australia.Digital banks have an average monthly search volume of 33,000 times.One thing to mention is that the bank claims to have the country's first"Digital Man", An artificial intelligent housing loan assistant named MIA.

TOP 6

Mbank, Poland, Czech Republic, Slovakia

Although most new banks started in the 2000s, Mbank is still a pioneer.Founded in 1986, the company is the first digital bank in Poland. It is still the country's most popular pure digital bank.In addition, it has now expanded its business footprints, and has successfully boarded the Czech Republic and Slovakia's most popular digital bank list.It is impressive that Mbank has attracted the world's near world2.5 millionSub -search is more than twice the total search volume of Revolution.

TOP 7

Carbon, Nigeria, Ghana, Kenya

Carbon's headquarters is located in Nigeria, but its biggest influence is Ghana and Kenya.According to Business Financing data, it is the seventh place of the most popular digital banks.Carbon was originally a small credit bank that meets the needs of enterprises and individual consumers through storage, large transfer, loans, payment and other businesses.

CARBON's zero -carbon products have added a general trend of "purchase immediately, future payment", which allows people to conduct greater purchase activities through the cooperation between banks and a large number of suppliers.

Top 8

Stripe, Switzerland, the Netherlands

Compared with Square, Strip's business is differentiated. In the business financing ranking, StripeSwitzerlandandThe Dutch average ranks firstEssenceStripe does not look like traditional financial institutions, or even new digital banks.This software is the service company that serves a small to large -scale enterprise invoice management and other online business function design APIs.It is not a check or savings account that makes Stripe's bank characteristics. On the contrary, its company card and loan service make the company occupy a place on this ranking list.STRIPE's global monthly search volume has just exceeded 900,000 times.

Compared with Square, Stripe's business is differentiated. In the business financing ranking, Stripe tops the list in Switzerland and the Netherlands.Stripe does not look like traditional financial institutions, or even new digital banks.This software is the service company that serves a small to large -scale enterprise invoice management and other online business function design APIs.It is not a check or savings account that makes Stripe's bank characteristics. On the contrary, its company card and loan service make the company occupy a place on this ranking list.STRIPE's global monthly search volume has just exceeded 900,000 times.

TOP 9

Hello Bank, France, Austria, Belgium

Hello bank(Hello Bank) Founded by the Bank of France, the FINANCIAL Brand institution for the first time in 2013 that the bank's "excellent" marketing strategy was for the first time in 2013, which attracted the attention of the industry.Its marketing capabilities are reflected in all aspects to this day.The bank's innovation laboratory "Hello Factory" is an open discussion platform for users to learn more about Hello Bank information and allow users to express their own opinions to promote the bank's own continuous innovation.Although headquartered in France, it is still the most popular digital banks in Austria and Belgium.

TOP 10

Zoona, South Africa, Zambia

Zoona was launched in South Africa in 2009 and is the most popular digital bank.Zoona's positioning of lime green and dark blue has strived to become the top "collaborative financial service distribution network" in Zambia, and it is also the top digital banking institution in Zambia.With the help of various financial institutions partners, the company's goal is to serve entrepreneurs throughout the South Africa.

SMEI End language:

China is the fertile soil for digital banks. Under the supervision of relevant Chinese government departments, WeChat, Alipay, and other Internet financial companies have become increasingly stable.The digital transformation of digitalization, I look forward to the 2022 SMEI and China's top financial think tank partners to make rankings to digital banks in China, launch the most popular TOP10 in the hearts of Chinese users.Essence

What is a digital bank?

Digital banking is an organization that can provide banking activities online. These activities can only be carried out in the bank branch in history.

According to the FFIEC (Federal Financial Institution Review Committee), electronic banks are "Through electronic interactive communication channels, directly provide customers with new and traditional bank products and services"

"Bank products and services" related to this refers to:

  • Deposit, withdrawal and transfer
  • Check/savings account management
  • Apply for financial products
  • Loan management
  • Payment bill/invoice
  • Account service

In essence, digital banks should be able to provide all banking functions traditionally at the Bank of China, branches, and bank cards on the ATM machine.

The earliest digital banking experience can be traced back to the ATM machine and bank card launched in the 1960s.When the Internet and digital networks began to be widely used in the 1990s, online banks suddenly became a feasible choice, and modern digital banks we know began to appear.

For thousands of years, the development of smartphones has opened the door into more advanced transactions.Today, people believe that as of 2020, 76%of people often use online banking.

Errobal Digital Bank Evolution History



7 major advantages of three digital banks

1. Simplify the entry process: Digital banks can easily join new customers than traditional banks.It is usually a paperless process that uploads ID, employment certificate and address and other documents through smartphones, and quickly and effectively verify.

2. Continuous access:The digitalization of banking business means that customers can now access their accounts around 24/7, and only need to press a few times to make various transactions.

3. Save cost:The cost of automation services, lack of physical branches and less employees means that the cost of new banks and challenger banks is much lower than that of traditional banks.These savings can be saved by reducing costs and prices, which is a more competitive service for customers.

4. With security as the center:Customers and data security are a very important aspect of any type of bank business, and this seems to be a thing that digital banks are leading.As we all know, traditional banks adopt new security measures very slow, and digital banks regard it as a basic component of its system.

5. Accuracy:There is a risk of artificial mistakes in the need for paper treatment necessary for traditional banks.In addition, due to the invalid integration between the interaction between the branch and the needs of background, traditional banks often have errors.Digital banks have eliminated these risk factors, so their processes are usually more accurate.

6. Agility:Digital banks are not as bulky as traditional banks, and they are usually led by more forward -looking and innovative leaders.This means that they usually use new technologies and can quickly provide new services to customers.

  1. New service:Provide a series of new services such as real -time expenditure notification, 24/7 application support, free payment during travel, free payment reports, expenditure forecasts, and cooperative relationships with its financial applications and services.

Four digital banking case sharing

1) Xinwang Bank



2) NEAT



3) N26



More reading:

Revolut: Digital banks that provide accounts for children and adolescents

Starling Bank: British Digital Bank Pioneer

AnswerAdvance.ai, Take you to understand more about digital authentication,Artificial intelligence technology, Anti -fraudulenting Solution, Cross -border dry goods knowledge, industry trend and guidance plan.

In recent years, Digital Bank, which has many categories, has appeared in many countries and regions around the world.

In different countries and regions, these digital banks may have different names such as "Internet banking", "virtual banks", "digital banks", "new form banks", and "challenger banks", but their common features are:

  • Can be able to carry out banking business independently.If it is a subsidiary of a commercial bank, it needs independent brands, products and services.
  • Do not provide services to non -digital customers, no physical outlets, or only a small amount of physical outlets, and the establishment of physical outlets is only to help improve the customer experience.

Digital banking is a new type of financial services. It "challenged" the operating model of traditional banks from multiple aspects. Except for no physical outlets, light asset operations are used;Optimization in operations, the biggest innovation of digital banks is to achieve the reconstruction of the bank's "trust mechanism" -it uses big data, artificial intelligence and other technologies to create "digital trust".Corporate customers and low -income groups due to lack of mortgages can help further promote the improvement of financial inclusiveness.

Because of this, digital banks have been rapidly promoted in emerging countries such as Latin America, Africa, Asia, and attracted the registration of a large number of customers.

According to statistics as of 2021, the top 100 traditional commercial banks in the global assets have reached US $ 1.14 trillion, and the top 100 digital banks in the asset scale have just exceeded 2 trillion US dollars in total assets.Essence

The huge difference in the above data shows that on the one hand, due to the use of light asset models in digital banks, it is boundThe huge market value of digital banks in the future rising spaceEssence

There are digital banks with huge room for market valuations. What are the development trends, challenges and regulatory requirements worthy of attention?

Although the overall revenue scale of digital banks around the world shows a growing trend year by year, market revenue still shows a serious "Matthew effect", and the income is mostly concentrated in the hands of a small number of larger digital banks.

In the regional market concentrated by emerging economies such as Asia, Latin America, and Africa, the performance of the "Matthew Effect" of the digital banking market income is more obvious.It is not ideal, and it is still troubled by cost higher than the income, and insufficient profitability.

Some research reports pointed out that from historical data, the first -generation digital banks established before 2010 will take about 5 years to reach a profit and loss balance; the second -generation digital banks established from 2013 to 2015 will need an average of 2~ Three years have reached a profit and loss balance.

In addition to the unsatisfactory income, the challenge that costs higher than income is still plaguing many digital banks. In countries or regions with less population or slowing population growth, it is no longer possible to achieve the number of numbers by expanding the number of users.Banks' expectations for future profit growth.

"Reducing costs" has become the main point for digital banks to improve profitability.

After more than ten years of development, the regulatory agency has more new understanding of the risks of digital banks and the data sensitivity of Internet platforms, and the policy environment that tolerates development has changed.

At present, many countries have stopped the issuance of digital bank operation licenses, or set more restrictions or higher business thresholds for enterprises and institutions to apply for digital bank licenses.

In addition, the regulators of many countries have also put forward stricter requirements for the financing of digital banks, trying to avoid major financial risks due to the selection of financing methods, channels, and scale due to improper selection, and and also.Strictly prevent the risk of money laundering crimes that occur through digital banksEssence

The changes in the policy environment make the existing digital banks cherish the value of the license that has been obtained in the future, pay more attention to compliance operations, and handle financing carefully.

The construction of digital banks is similar to the traditional banking system. While preventing common financial risks such as money laundering crimes, regulators will also pay extra attention to the technical risks of digital banks.

At present,Technical riskTraditional financial risks such as credit risk, liquidity risk, and business risks are becoming the focus of the risk management of digital banks.

The technical risks faced by digital banks include:

  • Some fintech's underlying technology maturity and technical route deviation have brought about technological risk of technical failure.
  • Information system security risk and network security risk.
  • Data security risk.
  • Bank employees and customers use the operational risks brought by the information system.

In many emerging markets, such as Brazil, Mexico, and African countries, digital banks usually attract users with convenient account opening and do not need too much information certification.

However, the current digital banks, the challenges facing financial risks are increasing. The first challenge is that it needs to improve the technical capabilities and prevent data leakage; the second manifestations areMust need more accurate and efficient financial identity certification, Prevent fraud and money laundering crimes.

However, although accurate identity identification and certification are the prerequisite and foundation of maintaining financial security, the too fine identity recognition certification has the risk of data leakage and privacy.Management and technical requirements.

In addition, market emotions will have a stronger resonance impact on digital banks.The risk incident that banks are most worried about is extruded. For example, the Silicon Valley Bank incident that occurred in early 2023, the scale of deposit loss within one day was as high as US $ 40 billion.

When a bank is running, it will also cause a chain response to the market panic, which eventually leads to systemic financial risks.For digital banks without physical outlets, once they are targeted at the market panic, they will face more quickly and squeeze more quickly than traditional banks. This is a financial systemic risk that cannot be ignored.


The rapid growth of users is accompanied by the increase in user fraud risk. Compared with traditional banks, a more convenient trading model brings large deposit transactions to digital banking enterprises and institutions.Criminal acts such as financing, digital banking enterprises and institutions urgently need to deployA set of digital solutions that can help digital bank cost reduction and efficiency, strengthen anti -fraud control, user registration management capabilities, and efficiently fulfill the obligation of anti -money laundering compliance obligations.

Advance.AI's new Star Jian digital authentication and risk management solutions have been launched by digital authentication products in risk management solutions. It has passed a number of global technical capabilities. Data services are neutral, reliable, and compliant.Digital banking agencies in emerging countries such as Africa to choose from,It can help digital banking enterprises and institutions to carry out more accurate, safer, and more efficient operations, while helping reduce compliance costs and improve compliance effects.

The characteristics in the Advance.ai "Star Jian" solution include:

  • Digital authentication (E-KYC) products in Southeast Asia have face recognition and OCR technology recognition accuracy exceeding 99%.
  • Can identify and verify a variety of identity documents in more than 200 countries and regions around the world.
  • It can be used in combination with anti -money laundering and risk list screening, corporate information screening (KYB), social media/mobile phone number/phone number status detection, IP risk detection, mailbox detection, identity credit score and other tools.
    With 270 million operators' telecommunications identity information reserves.


If you are interested in our solution, you can click "Here" to quickly apply for a trial star learning solution.

Is it cool to have a digital bank?

Today I will introduce to you the first digital bank in Singapore-ASPIRE:

ASPIRE was the first digital bank in Southeast Asia. It was founded by Andrea Baronchelli, the largest e -commerce company in Southeast Asia, and is a fund management service provider focusing on small and medium -sized enterprises.


Before introducing it, let's take a look at the traditional and digital banks. What are the differences?

Comparison of account opening experience:

The account opening process of traditional banks is redundant, time -consuming and inconvenient, and digital banks provide a better user experience through efficient application processes and rapid approval results.

Comparison of operating costs:

Traditional banks need to pay high rent and maintain public image, while digital banks reduce dependence on branches through digital user management, reduce operating costs, and enable team resources to focus on creative business development.

Transaction efficiency comparison:

Traditional banks charge higher handling fees and does not provide services at non -working hours. Digital banks are connected through online and offline service scenarios to provide all -weather services to solve the inconvenience of customer transfer costs and time.

Advantage:

Commercial accounts are simple, fast and transparent.

You can also use the credit limit through the ASPIRE account.

How to open an account:

It only takes less than 10 minutes to register and follow 3 steps:

Fill in the director information;

Fill in business details;

Use Selfie or MyInfo to verify your identity.

Need to prepare:

Name and ID number

Email and mobile phone

Photos (ID card or passport) of identity certificate files (ID card or passport)

Selfie on the spot

Enterprise name, Uen, entity type, scale, business activity description or website address

Account details-

Transfer fee:

Local electricity exchange: free

International Electric Exchange: 0.5 % of the amount of remittances (about 3 times cheaper than banks)

Currently supporting currency: US dollars, new currency, euro, pound, etc.

No account opening fee, no monthly average deposit requirements, it is recommended to deposit 1,000 US dollars

It was regarded as the first year of digital finance in 2013.In the past ten years, benefiting from the stable growth of China's digital economy and the tolerance of supervision, my country has achieved global leadership in multiple digital finance fields.


In addition to household names, digital banks in my country have also grown rapidly.Reporting recently released "How does Weizhong Bank lead the global digital banks?In ", the international authoritative consulting agency IDC pointed out that Weizhong Bank not only applies digital technology to the financial field, but also has unique innovation in science and technology.There are new paths.


In August of this year, "Asian Banks" announced the ranking of the top 100 pure digital banks in the world, and Weizhong Bank ranked first for two consecutive years.According to the 2023 global blockchain released by Forbes, Weizhong Bank, Industrial and Commercial Bank of China, Construction Bank, etc. are on the list again.As early as 2019, FORRESTER, a well -known independent research company, defined Weizhong Bank as "the world's leading digital banks".


As China's first digital bank, in the past nine years, Weizhong Bank has taken the lead in applying digital technology to inclusive finance, forming a sustainable digital inclusive financial development model, and realizing the unity of business value and social value.This is exactly the endless source of digital banks.


01

Break through the "impossible triangle"


In a broad sense, the digitalization of banks is divided into two major tributaries: one is the digital transformation of traditional banks, and the other is a digital native bank (pure digital bank).


Weizhong Bank belongs to the latter.From the beginning, it established a distributed core system architecture that is different from traditional banks, as well as a set of digital technology capabilities systems based on this, and jointly constructed a stable base stone for Weizhong Bank's business development.


In 2014, a commercial bank adopted a distributed architecture, which was definitely unprecedented feat.Why does Weizhong Bank choose so?This comes from its forward -looking and insight into the development trend of inclusive finance and fintech.


For a long time in the past, the development of my country's inclusive financial business faced the problems such as narrow range, high cost, poor experience, and difficulty in business. Massive users, low -cost, high -available "impossible triangle" financial technology solutions have difficulty in "unable to buy and cannot afford".


In short, traditional technology infrastructure has largely restricted the decline in the business cost of commercial banks, and it cannot be fully covered to the general public, and it cannot provide comprehensive and in -depth services.The underlying "IOE" architecture is unchanged, and the business model on the upper level will be difficult to break through.


Based on the "Open Hell OpenHive" technology, Weizhong Bank uses standardized hardware and open source software to build the first domestic full -distributed banking system architecture based on safe and controllable technology.The characteristics of elasticity and high extensions can support massive customers and high concurrency transactions.


Based on this, Weizhong Bank took the lead in breaking the "impossible triangle" of fintech, reducing the annual IT operation and maintenance cost of single accounts to 2 yuan, and less than 1/10 at home and abroad.As of now, the comprehensive usage rate of Weizhong Bank's products is higher than 99.999%, surpassing telecommunications -level standards; the number of single -day financial transactions has reached 1 billion.


Since 2018, Weizhong Bank has explored the localization of the full stack, deploying the Taishan series domestic server based on Kunpeng chip to deploy its own core financial business scenarios.The software and hardware of the system are completely autonomous and controllable, and won the "First Prize of the 2019 Bank Science and Technology Development Award" issued by the central bank.


02

Lead digital inclusive finance


Since the development of inclusive finance in the Third Plenary Session of the November 18th Central Committee of November 2013, my country Inclusive Finance has also gone through ten years.


In the past ten years, with the continuous strengthening of policy support, financial institutions have actively participated, and my country's inclusive financial business has achieved significant results.Among them, the digital inclusive financial wave led by digital banks has become a stroke that cannot be ignored in the development of inclusive finance in my country.


"Make financial inclusive public" is the original intention of Weizhong Bank.Since its establishment, Weizhong Bank has always cultivated Puhui Finance. In the field of serving small and micro enterprises, it relies on digital big data risk control, digital accurate marketing, digital and fine operations, creating a "cost burden, risk control, commercial sustainable business capacity"Microendromy" model.


Data show that as of the end of June 2023, WeChat loan has accumulated more than 1.2 million credit customers, with a total credit amount of over 1.3 trillion yuan; annual operating income of less than 10 million companies accounts for more than 70%of the total number of corporate customers, exceeding 50%of credit awardEnterprise Customer is a corporate credit white household.


It is worth mentioning that WeChat Loan Science and Technology Finance has carried out business in 20 provinces and municipalities and more than 200 prefecture -level cities across the country, attracting nearly 320,000 science and technology enterprises to apply.The total number of enterprises reached 17%, the penetration rate of high -tech enterprises in the local country exceeded 25%, and a total of over 260 billion yuan was granted.


In the field of personal finance, the "particle loan" model leads the digital wave of the consumer credit market.By the end of 2022, about 46%of the customers from particle loans came from third -tier cities, more than 81%of customers were non -white -collar workers, about 85%of customers were college degree and below, and about 17%of customers were the first loan households;The loan amount is about 7,600 yuan, and about 70%of the customer's single borrowing cost is less than 100 yuan.


In the field of wealth management, Weizhong Bank launched the "Weizhong Bank Wealth+" brand to actively start from the perspective of the buyer and explore the financial management mechanism with customer needs as the starting point; it has cooperated with more than 125 institutions to cooperate with more than 125 institutions to cooperate with more than 125 institutions to cooperate with more than 125 institutions.More than 3200.


In addition, paying attention to the special customer group and eliminating the "digital gap" is also the deserved meaning of inclusive finance.As early as 2016, the Weizhong Bank's particle loan team specially formed a sign language service team for hearing -impaired users. It is the first bank financial product to add sign language customer service nationwide.The "Weizhong Bank Wealth+Cabinet Version" and "Weizhong Bank Wealth+Parents Edition" also made customized optimizations for visually impaired groups and elderly groups.In 2022, the number of elderly customer groups and special group services such as Weizhong Bank served more than 2.4 million special groups such as visually obstacles and hearing impairment.


03

Build an open source ecology


The uniqueness and leadership of Weizhong Bank, not only the innovation of infrastructure and business models.


Since 2017, Weizhong Bank has successively contributed the core technologies of artificial intelligence, blockchain, cloud computing and big data to the whole society in a open source way.In July 2019, Weizhong Bank announced the comprehensive open source of fintech to the outside world, which started the process of accelerating the construction of open source ecological construction.


Relying on the open source ecology, Weizhong Bank not only consolidates the foundation for the sustainable development of the future business, but also shares scientific and technological achievements globally to help the digital economy and digital society.As of June 2023, Weizhong Bank had 35 external open source projects.


In the field of artificial intelligence, Weizhong Bank launched the world's first federal -learning industrial open source framework "Fate" and donated to the Linux Foundation in 2019 to become the only Chinese financial institution among the Linux Foundation Gold Member.Through open source, Fate covers a total of more than 570 well -known enterprises in the world and more than 350 research institutions and colleges and universities, becoming the basic framework of federal learning products for many companies such as Tencent, JD.com, and UnionPay.


In the field of big data, Weizhong Bank "WEDATASPHERE" began to gradually open source in 2019, forming the industry's leading big data open source ecosystem.Among them, the calculation middleware "Linkis" project was successfully graduated from the world's largest open source software Foundation in December 2022. It is the first Apache project led by banking institutions, donated and graduated in the world.As of now, the total number of users in open source communities exceeds 7,600, and the cumulative trial company of sandboxes has exceeded 2,600.


In the field of blockchain, Weizhong Bank began to deploy blockchain in 2015. In 2016, many financial institutions and technology companies in the United Nations jointly launched the establishment of the Gold Chain League, and led the establishment of the Golden Chain League open source working group to develop financial financeLevel, domestic safe and controllable blockchain underlying platform "FISCO BCOS".Since 2017, Weizhong Bank has successively launched the core research and development results of the blockchain to the global open source. So far, there have been 13 blockchain open source projects.


In the past 6 years of FISCO BCOS open source, more than 5,000 institutions, over 100,000 individual members, and 50 certified partners, more than 500 core contributors have been brought together around the domestic open source alliance chain ecosystem.The community has also carried out talent cooperation with hundreds of well -known colleges and universities to cultivate more than 80,000 talents in the blockchain industry. It has developed into the largest and most active domestic open source alliance chain ecosystem.


Directed by the Shenzhen Local Financial Supervision and Administration Bureau on December 15th, the "2023 Industrial Blockchain Ecological Day and Fisco BCOS Open Source Sixth Anniversary Ecological Conference" sponsored by Weizhong Bank and the Golden Chain LeagueReleased the "2023 Fisco BCOS Industry Application Development Report" (referred to as the "Report"), including 252 cases from more than 400 benchmark cases, covering 19 areas such as government affairs, cross -border, dual carbon, medical, education, etc.





From the perspective of the "Report", this year governments at all levels have accelerated the pace of digital new infrastructure. More national functional departments, local governments, and enterprises have built infrastructure platforms based on FISCO BCOS, involving taxation, medical care, natural resources and other industries, including "Cases such as BSN BSN, Shuxin Chain, and "Dujiangyan Blockchain Public Service Application Platform" have made blockchain an indispensable infrastructure in the digital economy.


The "Report" believes that a large number of blockchain applications have begun to take shape, effectively solving various types of real pain points, and some have brought about innovation of business models. The inflection point of blockchain business value has appeared.For example, the "Pearl River Delta Credit Chain", which is an integrated data center of cross -regional credit reporting. As of the end of March 2023, there were 5.895 million companies on the chain, with 93.2597 million credit reporting data;The amount is 557.936 billion yuan, bringing good economic and social benefits.


With the increase in policies such as the “Belt and Road” and “Guangdong -Hong Kong -Macao Greater Bay Area”, and the increase in foreign cooperation and exchanges, the application scenarios of the blockchain in the cross -border field have gradually diversified, solving the trade, finance, and finance of cross -border fields, finance, and finance, and finance, finance, and finance.The pain points of many scenes of people's livelihood.For example, the first cross -border data verification platform jointly created by Weizhong Bank jointly created by multiple institutions, providing a convenient cross -border service experience for residents and enterprises in Guangdong and Australia, and solving data cross -border problems while protecting privacy.


04

New challenge, new starting point


"Weizhong Bank is not through non -profit activities or government donations, but to establish sustainable profitable businesses by using technical leading innovation to promote China inclusive finance." Forrester entitled "How does Weizhong Bank become a bank bank?The report of the world's leading digital banking pointed out.


The latest report of IDC believes that the path of sustainable development of inclusive finance explored by Weizhong Bank's practice has established a strong successful example for digital banking to practice digital finance and inclusive finance globally.


Go further.As a global digital bank, Weizhong Bank still needs to be strong and accelerate to maintain its leading advantage.


Internationally point of view, in recent years, the global digital banking field has surged, from Ally Bank, USA, to REVOLUT in the United Kingdom, and then to Kakaobank, Brazil Nubank, and even some digital banks in Southeast Asia, it has shown a strong development momentum. ThisIt is necessary to attract more attention from domestic digital banks.


From a domestic point of view, this year is the tenth year of my country's layout of inclusive finance. The development of inclusive finance has reached a new level and moved towards the stage of high -quality development.At the same time, the recently held Central Financial Work Conference emphasized that we must do five major articles on science and technology finance, green finance, inclusive finance, pension finance, and digital finance to guide finance to provide high -quality services for the development of the real economy.


This means that whether it is participating in international digital banking or helping domestic high -quality development, digital banks such as Weizhong Bank need to carry a greater mission.


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