Sookie Tao, Fintech Specialist, WeBank

Characterized by the widespread adoption of emerging technologies, including ABCD (Artificial Intelligence, Blockchain, Cloud Computing, and Big Data), China has entered the third phase of the fintech evolution. As one of the most affected sectors, the banking industry calls for a sweeping digital transformation to adapt quickly. The outbreak of Covid-19 further underscores the banks’ need to become digitally enabled as people become more reliant on contactless payments, online lending, and other technology-empowered financial services. …

Why we need cross chain technology

As more business innovators have come to recognize the blockchain technology’s potential and capability, especially with increasing support from the governments, blockchain pioneers have developed numerous enterprise blockchain platforms to reshape a range of industries.

The proliferation of new chains makes blockchain interoperability a necessity.

Different blockchain applications using different platforms have unique architectures and protocols. Challenges of how applications talk to each other over the blockchains lie in the following four types of cross-chain communications. The complexity of cross-chain communication ascends moving down the list:

1. Same application deployed on different chains using…

*This article is an excerpt with key highlights from WeBank’s recent presentation (by Henry Ma, CIO) at the 2021 Knowledge Annual Conference of the International Finance Corporation, a member of the World Bank Group.

The pandemic has shoved the global economy into a state of chaos, affecting both large corporations and SMEs across nearly all sectors. However, the global outbreak has also brought opportunities to innovate financial services, propelling the rise of digital banking.

By Henry Ma

Henry Ma, Executive Vice President and Chief Information Officer of WeBank

All bonds are built on trust. In the unpredictable post COVID-19 era, businesses face unprecedented challenges, and the need to build and transmit trust between institutions under these conditions remains of paramount importance. By its very nature, blockchain helps to improve multi-stakeholder trust and can be leveraged to achieve greater collaboration in this regard.

Over the past decade, a growing number of blockchain applications across industries and business scenarios have consolidated a “New Infrastructure” of the digital economy, paving the way to unleash untapped sources of data, empower industry integration and accelerate asset digitization.

In a world…

As China’s first digital-only bank , WeBank has developed rapidly in recent years,supported by hundreds of millions of active users. The experience of massive users would be strongly affected if there are IT system failures.

To ensure system stability and improve key indicators, including MTTR (Mean Time To Repair) and MTBF (Mean Time Between Failures), the O&M team has made long-term efforts in the RCA project to detect anomalies quickly and perform effective RCA for swift system recovery. The current accuracy rate of the RCA module remains stable at around 80%.

Data analysis drives root cause locating. Therefore, data accuracy…

From September 23 onwards, Chinese mainland resumed issuing visas for visitors to Macao. Thanks to the mutual recognition system of Macao blockchain health code and Guangdong health code launched in May, mainland Chinese tourists can apply and use Guangdong health code to verify their health status when entering Macao. Up to date, more than 17 million people have cleared customs between Chinese mainland and Macao using the blockchain system. The average time of receiving, transforming, and generating the health code for the first time is only 100 seconds. …

WeBank initiated root cause analysis (RCA) project after anomaly detection accuracy has improved significantly. It has always been a challenge to define the locating and reasoning basis for RCA. By analyzing historical cases, we find transaction trace the beacon guiding us to reach the problem’s root. All WeBank’s transactions are communicated via the message bus, from which it is possible to generate a transaction tree for every transaction.

WeBank offers a financial-grade message bus solution by utilizing the self-developed WEMQ (WeBank Message Queue). Each transaction assigned a unique business sequence number communicates through WEMQ, which records the original message log…

By Phyllis Li

Fuelled by rising international trade and an increasingly connected global economy, cross-border payments play a crucial role in enabling business between consumers and merchants. As a result, the cross-border payment market has been growing at an unprecedented rate and presents much room for innovation. Historically the SWIFT (the Society for Worldwide Interbank Financial Telecommunication) network and the “corresponding” banking system dominated this space. The complexity of the network makes cross-border transfers slow and costly. Participating banks must keep idle funds in foreign currencies to meet forecasted demand. …

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