BEYOND Expo Summit: Wide Application of Blockchain and Other Technologies in Banks – Panelists

Emerging technologies such as blockchain are not only limited to applications in start-ups and technology companies, but traditional players such as banks are also seeing the benefits of such applications, said Zheng Bin, deputy managing director of the Industrial and Commercial Bank of China (Macau) (ICBC). Macau).

The head of the Macau subsidiary of the Chinese state-owned bank made the remarks during a panel discussion at the 2023 BEYOND International Technology and Innovation Expo (BEYOND Expo) on Wednesday.

“Although we are a traditional bank, we have robust expertise in technology and many of our services have integrated Web 3.0,” Zheng told the panel titled “Crypto Finance: Risks and Rewards”. Web 3.0 is a new term that includes concepts of decentralization, blockchain technologies, cryptocurrencies and non-fungible tokens (NFTs).

“These applications can help optimize [banking] experiences for our customers and ensure their data protection,” said ICBC Macau Deputy Managing Director.

“For example, we have been in talks with [Macau] the government uses blockchain architecture to issue consumption cards to local residents, improving the convenience and efficiency of the process,” he illustrated. Consumption cards refer to electronic consumption vouchers issued by the Macau government to support residents during the Covid-19 pandemic over the past three years.

Zheng and another panelist, Leo Li, head of Web3 Ecosystem Development at Chinese technology firm Alibaba Cloud, pointed out that oversight is required for the development of Web3.0.

The ICBC Macau executive hails the digital yuan as an example that strikes “a good balance” between regulation and cutting-edge technologies. It incorporates blockchain technologies, but is not decentralized like other government-backed cryptocurrencies.

The digital version of the Chinese Yuan, also known as Digital Currency Electronic Payment (DCEP), is the sovereign digital currency issued by the People’s Bank of China (PBOC). It has been undergoing trials and tests for years, but there is no timeline for a nationwide launch.

Other panel discussions at the Consumer Technology Summit on Wednesday also focused on Web3.0, blockchain, artificial intelligence (AI) and the metaverse. The panelists included executives of venture capital firms from China, Singapore, the United States and beyond.

John Sun, chairman and CEO of contactless smart card and mobile payment provider Macau Pass, also took the stage and agreed that some form of regulation and oversight is necessary for the development of Web 3.0.

Describing himself as “a true believer” of blockchain, Sun added that his team had focused on “establishing Macau as a smart city” and advancing its digital transformation over the past year since AGTech Holdings – an affiliate of Chinese e-commerce giant. Alibaba — completed the acquisition of Macau Pass last year.

The Consumer Technology Summit is one of four summits being held at the 2023 BEYOND Expo, a three-day technology event held in Macau from Wednesday to Friday.