On September 27, Bank of China (BOC) announced a collaboration with IBM to spearhead digitization in the financial sector by setting up a Global Innovation Lab in Singapore. BOC plans to set up 5-8 such centers across the globe to research applications of AI, blockchain and IoT in its current infrastructure.
China is aggressively pursuing blockchain innovation and development, with the most current
patent applications being filed by Chinese companies. The government too, has been supportive of the technology. Last year, the People’s Bank of China started to pilot a blockchain trade finance platform along with BOC and few other banks.
Meanwhile, IBM has about 100 blockchain patents on its name. Now, IBM Garage is assisting BOC in setting up the Global Innovation Lab. These centers will cater to BOC’s clientele, ideate new projects and also act as a base to cooperate with governments, industries and academia.
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