-WeBank has radially improved financial inclusion in China-not through 
non-profit activities or government donati1ons, but by embracing technology-led 
innovation and building a profitable and sustainable business.

-Case Study: How WeBank Became The World's Leading Digital Bank, Forrester
From Nov. 11-13, 2019, WeBank, the first digital-only bank in China, will 
showcase its fintech solutions at the Singapore Fintech Festival.

Global research and advisory firm Forrester recently claimed in their published 
case study that WeBank has become the world's leading digital bank. In doing 
so, WeBank has taken its "secret sauce" of tech-driven innovations to 
drastically improved financial access in China. 

WeBank's dramatic rise has been the result of developing convenient products 
with advanced technologies:

Since its establishment on December 16, 2014, WeBank has maintained a clear 
focus on providing inclusive financial services to underbanked individuals and 
small-and-medium-sized enterprises (SMEs). WeBank's first loan product called 
Weilidai-an unsecured consumption loan offered through WeChat and QQ's 
wallets-has become one of the most accessible forms of financing for China's 
mass market. Seventy-five percent of WeBank's individual borrowers are 
blue-collar; moreover, the average loan size is only USD $1,180. 

The large volume and small ticket nature of these loans are the key drivers for 
WeBank to build their low-cost technology infrastructure to serve this segment. 
In fact, the average annual IT cost-per-account as of this year is only USD 
$0.50, as compared with most incumbent banks which operate equivalent account 
at a cost of 6 to 30 times that amount. Additionally, customers applying for 
credit approval can receive their application result in under 5 seconds and 
funds draw-down in under 1 min.

WeBank's SME borrowing customers are all relatively small, private companies, 
with 10 employees on average. For sixty-six percent of these SMEs, this is 
their first time receiving a loan from a financial institution, with an average 
loan size of USD $30k.

Driving this success is Fintech. As Forrester's senior analyst Aurelie L'Hostis 
suggested in WeBank Is Driving Financial Inclusion At Scale In China, "WeBank 
combines a multitude of modern technologies to provide the foundation for a 
forward-looking banking platform architecture that includes cloud, 
microservices, open technologies, open source databases, powerful embedded 
analytics, and AI-all of which helps the digital bank increase operational 
efficiency, reduce costs, and scale faster". 

In particular, WeBank embraces the "ABCD" of Fintech (AI, Blockchain, Cloud 
computing, Big Data) as its strategic focuses and is an active leader in their 
related research and application within the financial sector. In terms of AI, 
98% of total inbound customer inquiries are handled by WeBank's chatbot; 
furthermore, WeBank's eKYC facial recognition solution has fulfilled over 640 
million identity verification requests. For blockchain, WeBank initiated 
China's 1st Financial Blockchain Consortium (FISCO) and utilizes blockchain 
technology in the areas of finance, supply chain, legal, public services, etc. 
As of today, FISCO consists of over one hundred consortium members. WeBank is 
also the world's 1st bank to fully deploy its core banking systems on private 
cloud. It has constructed a 100% in-house designed distributed core banking 
system with self-owned intellectual properties, capable of handling 
high-volume, high-frequency transactions. WeBank's big data platform houses 
over 15 petabytes of data, with over 300 thousand batch jobs being processed 
daily.

During the three-day exhibition in Singapore, WeBank will showcase its "ABCD" 
fintech applications and solutions. Notable technologies include China's first 
enterprise-grade federated learning platform open sourced by WeBank - Federated 
AI Technology Enabler (FATE), as well as WeBank's comprehensive blockchain 
solutions. Blockchain solutions range from the infrastructure platform FISCO 
BCOS and middleware kits WeBase, to blockchain applications such as WeIdentity 
and WeEvent. In terms of cloud computing, an IT management framework of 
distributed architecture named WeCube will be presented. WeBank also offers a 
big data analytics solution called WeDataSphere. Most of WeBank's technologies 
can be accessed and evaluated by interested financial services innovators 
through WeBank's FinTech Sandbox via open APIs. 

Henry Ma, Executive Vice President and Chief Information Officer of WeBank will 
join the "2020 Digital Transformation Agenda" session at 10:30, Nov 11 to share 
WeBank's latest practices of digital transformation.

To track WeBank during their Singapore FinTech festival launch, follow their 
official website at fintech.webank.com/en(http://fintech.webank.com/en).

Photo-https://photos.prnasia.com/prnh/20191031/2628197-1

Source:WeBank



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