bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Alice Shen

Bank of China Hong Kong (BOCHK) now handles almost all its real estate appraisals via blockchain, as part of a concerted push into financial technology (fintech) and smart banking, officials revealed on Monday.
The lender is processing 85 per cent of its mortgage-related property valuations using its own digital ledger, according to general manager of information technology Rocky Cheng Chung-ngam.
Speaking at the official opening of its new branch in Hong Kong Science and Technology Park (HKSTP), Cheng said it has also been carrying out increasing numbers of trade finance deals on blockchain.
Property valuations are needed to calculate monthly mortgage payments, but can now be done faster and in a more transparent way using blockchain, he said.
“In the past, banks and [real estate] appraisers had to exchange faxes and emails to produce and deliver physical certificates,” Cheng said. “Now the process can be done on blockchain in seconds.”
Hong Kong lender banking on finger veins being better than faces for ATM security
HKSTP is a statutory body based next to Sha Tin racecourse which is charged with transforming Hong Kong into a regional hub for innovation and technology development.
The new BOCHK branch there will run 24 hours a day with video-banking services offering transactions and product applications. It is the first bank branch in the park.
“We decided to open a smart branch here, not only because it made operational sense but in the hope of interacting with other technology firms to develop more applicable [forms of] fintech,” added Cheng.

BOCHK joins four other major banks now actively using a blockchain-powered trade finance platform, Cheng said.
Hong Kong Monetary Authority (HKMA), the de facto central bank, set out seven core initiatives to bolster fintech last September, in reaction to criticism the city was lagging behind competitors in terms of embracing such technologies.
It launched its own trade finance platform last year to reduce the risk of fraudulent activity and operational costs.
HK$20 billion-a-month surge in suspicious ATM withdrawals hits Hong Kong banks after Macau rolls out facial recognition
At the branch opening on Monday, Nicholas Yang Wei-hsiung, Hong Kong’s Secretary for Innovation and Technology, said fintech will continue to be a priority area for the government.
He added HKMA is poised to launch a “Faster Payment System” which will allow real-time money transfers between banks, as well as wider use of electronic payment systems such as Alipay and WeChat Pay.
BOCHK’s Cheng said the bank would also be joining the HKMA blockchain, as it will offer added benefits “since it has larger scale, and will draw more participants”.

Around 150 BOCHK staff are now dedicated to fintech, a 50 per cent rise in two years, he added.
It has already extended finger vein identification to a third of its cash machines in the city, and is also working with facial-recognition software company SenseTime to integrate that technology into its retail operations.
SenseTime Group raised US$600 million from Alibaba Group Holding and other investors at the start of this month at a valuation of more than US$3 billion, becoming the world’s most valuable artificial intelligence start-up. Alibaba owns South China Morning Post.
BOCHK has around 200 branches across Hong Kong, and 1,000 cash machines or other self-services banking services.


Tokenisation trend risks repeat of China’s P2P lending crisis, asset manager warns

Work in progress: Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

Tokenisation: can Hong Kong unlock real-world asset potential?

Fintech firm Revolut plans set-up in Hong Kong as Paul Chan touts city’s strengths in UK

Fintech

Bank of China embracing blockchain use in Hong Kong

Bank of China Hong Kong (BOCHK) has opened the first bank branch in Hong Kong Science and Technology Park. Photo: SCMP

Bank of China (HK) launch the Hong Kong first ever ATM Finger vein authentication service at the Bank of China Central District (Wing On House) Branch. 30JAN18 SCMP/ David Wong

Secretary for Innovation and Technology, Nicholas Yang Wei-hsiung speaks during a press conference of the release of the "Smart City Blueprint for Hong Kong" to elaborate on measures set out in the Blueprint at the Central Government Offices in Tamar. 15DEC17 SCMP / David Wong

Bank of China Hong Kong appoints group veteran Gao Yingxin as new chief executive

The leadership change comes as the Hong Kong unit moves ahead with a plan to take over the group’s southeast Asia business

The Bank of China Tower in Hong Kong’s Central district. Photo: Nora Tam

Bank of China Hong Kong chief sees regional expansion as antidote to local slowdown

Yue Yi says bank is taking over the branch network of its parent in six Asean countries where there are significant business opportunities

Bank of China HK is looking beyond HK as it seeks to offset the city’s sluggish economy. Photo: SCMP pictures

Business

Banking & Finance

Tech

Innovation

Tech leaders and founders

Big Tech

Bank already processing 85pc of its mortgage-related property valuations using the technology, as well as increasing numbers of trade finance deals


The Bank of China

Bank of China (BOC)