WeBank unveils ‘WeBank Blockchain’ for digital ESG strategies

April 27, 2022

By Sharan Kaur Phillora

WeBank, a Chinese digital bank, has launched its new brand ‘WeBank Blockchain’ which will develop financial infrastructure and blockchain technology to promote environmental, social and governance (ESG) investment strategies, a press release said Wednesday (April 27).

Here’s what we know:

Nanqing Li, WeBank president, said WeBank “has accomplished two interim missions and met their goals to realize a technology that is secure, controllable and open-sourced achieving industrial digitalization.”

WeBank proposed a new mission of building trusted Environmental and Social Governance (ESG) infrastructure to promote equity and sustainable development for its blockchain technology. Through this, WeBank will construct a trusted foundation for stakeholders engaged in strategies involving government, the business community, and the general public.

Commenting on the launch of WeBank Blockchain, Henry Ma, executive VP and chief information officer of WeBank, said, “After nearly seven years of rapid development, WeBank Blockchain has completed building the foundation in terms of notion, technology, and ecosystem and is ready to embark on a new journey.”

The release noted that WeBank has been looking into blockchain to boost the efficiency of digital and inclusive financial services. The bank has extended its FinTech capabilities into government affairs, healthcare and agriculture.

Meanwhile, Hata Fan, deputy general manager of technology development for the distributed business of WeBank and head of WeBank Blockchain, said that WeBank Blockchain plans to accomplish its new mission by driving ESG applications and talent cultivation based on the solid foundation of an open-sourced technology and ecosystem which are summarized as “2 foundations + 2 drives”.

WeBank began with blockchain in 2015, launching Financial Services Blockchain Consortium a year later, the first such consortium in the Chinese finance industry. In 2017 it released its own secure blockchain technology.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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