Commercial lenders eyeing greater digital transition By JIANG XUEQING | China Daily | Updated: 2021-07-06 09:24 Share CLOSE A visitor checks out Bank of China s fintech products during an expo in Shanghai in June. [Photo/China Daily]
The accelerated infiltration of internet and fintech companies into the traditional banking sector is reshaping the market structure, thus prompting commercial banks to explore digital transitions, Bank of China Ltd said in a white paper released on Monday. In recent years, the new generation of information technologies-including 5G, big data, cloud computing and blockchain-deeply integrated with various aspects of Chinese society, profoundly changed models of industrial development and consumer behavior and continuously sped up the reshaping of the format of financial services, said Liu Jin, president of BOC, a large State-owned commercial lender.
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