The fourth largest financial conglomerate China — Bank of China — have announced plans to increase spending on research in the field of FINTECH, including blockchain technology.

As said the Director of Bank of China Liu Zuwang (Liu Qiuwan), the Bank is also interested in funding studies of cloud computing, big data and artificial intelligence. Bank of China plans to spend for these purposes more than 1% of annual income.

The ultimate goal of the Bank is improving its own monitoring systems in real time, which are used to manage financial risk. According to Liu, the blockchain is already used in 12 pilot projects of the Bank, including solutions for data exchange, cross border payments, digital currencies and accounts.

“Bank of China has 11 patent applications in the field of blockchain technology, occupying 20-e a place in world business and 1st in the domestic banking sector by this index”, said Liu Tuwani.

Recall that, according to the forecast of International Data Corporation (IDC), worldwide spending on research in the field of blockchain technology in 2022 will reach $11.7 billion