WeBank and the Macao Government Join Hands under the Greater Bay Area Initiative

On February 27th, WeBank Co., Ltd. (“WeBank”) signed a collaboration agreement with the Macao Science and Technology Development Fund (“FDCT”), established by the Macao government.

According to the agreement, the two parties will establish a long-term collaboration on Fintech to jointly promote the futuristic urban development of the Macao SAR. Blockchain, Artificial Intelligence, Big Data, Cloud Computing, are some of the  technologies which will be used to enhance the science and technology capabilities of the Guangdong-Hong Kong-Macao ‘Greater Bay Area’.

The signing of this agreement between WeBank and the FDCT serves as a powerful example of implementing an innovation-driven development strategy- as per the newly released”Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” -with both government agencies and enterprises making contributions in developing the Greater Bay Area.

“Building a Smart City is a strategic step for the SAR government to develop its economy and to improve residents’ livelihood,” said Ma Chi Ngai, President of Adm. Committee of FDCT. “As a governmental agency, the FDCT will actively work with the Macao government to promote the implementation of the Smart City. In this collaboration, we will utilize innovative technologies such as Blockchain as a fulcrum to strengthen the technological innovation capabilities of the SAR government, to promote the development of the Smart City, and to benefit people’s livelihood through science and technology. Moreover, through the strong collaboration and mutual support, we will take full advantage the Greater Bay Area’s strength in technological innovation to inject new vitality into the region.”

Henry Ma, Executive Vice President and Chief Information Officer of WeBank, said “WeBank is the first digital-only bank in China. Based in Shenzhen, the capital of innovation in the Greater Bay Area, we are committed to combining Fintech best practices with our own open technology strategy to provide secure, reliable and open source solutions for partners around the world. In the future, WeBank and the Macao government will expand their collaboration and jointly explore new models of cooperation between the public and private sectors. I am expecting that our collaboration will provide a meaningful reference for all enterprises and individuals committed to the development of the Greater Bay Area.”

 Ma Chi Ngai, FDCT & Henry Ma, WeBank

The first collaboration project is based on “WeIdentity”, an Entity Identity Authentication and Trusted Data Exchange solution.It offers a secure and efficient solution for inter-institutional identity authentication and data cooperation through Blockchain, providing technical support for e-government services in Macao and enhancing the service experience of Macao residents.

Source: WeBank