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Dialogue with Ma Zhitao of Weizhong Bank: how to "build bridges and roads" for Dawan district?

Time : 06/07/2022 Author : otd39h Click : + -
        The China (Shenzhen) Comprehensive Development Research Institute recently released the report on blockchain assisting the integrated development of Guangdong, Hong Kong and Macao Greater Bay Area (2022) (hereinafter referred to as the "report"), which details the leading position of Guangdong, Hong Kong and Macao in blockchain Practice & mdash& mdash; The Greater Bay area of Guangdong, Hong Kong and Macao has a strong support for blockchain policies, with 106 blockchain related policies in 2021; In the whole year, there were 3282 invention patent applications related to blockchain, accounting for 31% of the national total. This report mainly divides the blockchain application scenarios into three categories & mdash& mdash; Including digital economy, digital society and digital government.
        The digital economy is divided into data cross-border, cross-border trade and financial services. It is worth noting that the report cited a large number of application cases based on fiscobcos. According to public information, in 2016, wechat bank led the financial industry's blockchain alliance "gold chain alliance", and relying on the open source working group of gold chain alliance, it created the financial level open source platform fiscobcos. Among them, the Guangdong Macao cross-border data verification platform was officially launched and put into trial operation in Guangdong and Macao in March 2022. The platform is developed based on the domestic open-source blockchain underlying platform of "fiscobcos" to provide reliable, legal and safe data verification for cross-border data.
        Taking medical services as an example, residents can bring "cross-border medical records" to the hospitals in Dawan district that access the cross-border data verification platform for medical treatment; The local hospital only needs to verify the medical records on the platform, and does not need to substantially receive patient data; After the completion of medical treatment, the residents can bring the relevant medical bills back to the place of residence for insurance compensation, and the insurance institutions can "verify" the bills on the platform to complete the compensation. In terms of financial services, the "Pearl River Delta credit chain" is a typical case. With the blockchain technology as the guarantee, it has realized the sharing and intercommunication of cross regional, cross system and multi-dimensional enterprise credit information, and helped the bank enterprise financing docking. It is understood that on the "Pearl River Delta credit chain" application platform, the query agencies on the chain can independently initiate order business to the credit agencies, and the credit agencies receive orders and provide services.
        At the same time, the regulatory authority can obtain the order process information through the regulatory node (observation node) on the fiscobcos bottom chain for inquiry and supervision. According to the data, as of May 31, 2022, the "Pearl River Delta credit chain" has 11 nodes including credit agencies, data source units and regulatory departments, with 2.2764 million enterprises and 59.0816 million pieces of credit information. It has opened 14700 query users for 207 financial institutions, and a total of 97700 online authorizations. Relying on the "Pearl River Delta credit chain" platform, financial institutions have granted credit to more than 52300 households with an amount of 323.348 billion yuan.
        In May 2020, the governments of Guangdong and Macao launched the cross-border mutual recognition system of "yuekang code" and "Macao health code", using the fiscobcos blockchain open-source underlying platform, weidentity entity identity authentication and trusted data exchange open-source solutions. In this way, the residents of the two places can be exempted from the 14 day medical observation period and pass the customs normally with the Guangdong kangcode customs clearance certificate and the effective nucleic acid test negative results. The average time of the whole process from the first code acquisition and transcoding to the generation of the customs clearance voucher is about 1 minute and 40 seconds, and it can be completed within 3 seconds when the customs clearance personnel obtain the customs clearance voucher again. Behind this, the open-source blockchain technology provided by micro banks plays a crucial role.
        As one of the protagonists of this report, Weizhong bank has invested a lot of resources and attention in open source technologies such as blockchain and federal learning. As for the main business of the return bank, from the perspective of performance, Weizhong bank can be regarded as the leading private bank. According to the annual report of 2021, the accumulated number of personal effective customers reached 321 million, second only to the five banks of China agricultural industrial construction and postal savings. The operating income was 26.989 billion yuan, an increase of 36% year-on-year; The net profit was 6.884 billion yuan, a year-on-year increase of 39%, and the return on net assets was 28.24%. Ma Zhitao, vice president and chief information officer of Weizhong bank, disclosed to titanium media some of the latest performance data of the bank as of the end of June this year, including 340 million individual customers and 2.8 million small and micro enterprise customers, with a year-on-year increase of 30% in revenue and net profit.
        Why does this leading private bank focus on open source blockchain technology, where is the boundary of bank technology innovation, and what progress and difficulties are there in the practice of technology innovation? Recently, titanium media had an in-depth exchange with Ma Zhitao, vice president and chief information officer of Weizhong bank, on the above topics. The following is the content of the dialogue, which has been deleted. Titanium media: the data infrastructure is like the Hong Kong Zhuhai Macao Bridge and Guangzhou Shenzhen Hong Kong high-speed railway in the real world. What are the difficulties or challenges encountered in the process of "building bridges and roads"?. Ma Zhitao: the Great Bay area of Guangdong, Hong Kong and Macao has a unique challenge of "one country, two systems and three jurisdictions". It also includes that many people in Hong Kong and Macao have a stronger awareness of privacy protection than the mainland. Therefore, there are still many unique challenges to overcome in how to effectively circulate and use data in the three places.
        At the same time, at the end of last year, the personal protection law was promulgated, which also emphasized the concept of "personal information portability". Therefore, we think that the important opportunity in the future is how to use scientific and technological means to make the data real owners (individuals) participate in the process of cross-border circulation. In this process, the data owner directly authorizes the data. The trusteeship organization and the user organization do not need to open the data channel. The data owner transports the data. The data receiver has an effective means to ensure the authenticity and integrity of the data. In order to cope with the differences in the legal system in various regions. When the epidemic broke out, people from Guangdong and Macao had frequent contacts. At that time, the relevant authorities in Macao asked whether they could use the blockchain technology to solve their pain points. It happened that our team had a good matching plan, so that the nucleic acid test reports, vaccination records and other information of passengers could be exchanged without connecting the data channels between the health departments of the two places.
        For example, a Macao passenger can receive the data from the Zhuhai Immigration Department, and the Zhuhai immigration department can verify whether the data provided by the passenger is true and complete through the data fingerprint stored on the blockchain after receiving the data, which may be more effective than a paper report. On the one hand, the efficiency is improved, and on the other hand, the reliability is guaranteed. Titanium media: regarding the health code, the relevant person in charge of China (Shenzhen) Comprehensive Development Research Institute also specifically mentioned this case in an interview with titanium media. He believes that technology is not the biggest obstacle to the effective circulation of data elements, and the health code has been implemented in Zhuhai and Macao. However, in his opinion, Shenzhen and Hong Kong, where the demand is obviously greater, cannot be implemented so far, What are the obstacles?.
        Ma Zhitao: we think that this is a change of concept. At present, many links from Hong Kong to Shenzhen rely on paper documents. In fact, it is unreliable and inefficient. Our solution for Guangdong and Macao health codes should be extended to Shenzhen and Hong Kong. In fact, it is very low in terms of technical difficulty. However, it may be necessary for the relevant policy departments of the two places to really negotiate whether to refer to practices similar to those in Guangdong and Macao, How to make the unified management procedure more convenient requires that the relevant parties making policies can accept this change of concept. Titanium media: blockchain plays a very important role in helping data circulation, but it will involve data fraud in the process of data uploading and encryption. How does the micro bank do in this process? How to do this information protection?.
        Ma Zhitao: the solution we proposed includes the data transfer protocol of DDTP. What is really placed on the blockchain is only its data fingerprint, not the original data. Therefore, it is an irreversible transformation. The data fingerprint is only to verify the authenticity of the original data, so it cannot restore the original data. In the case of Guangdong Macao health code, the passenger's nucleic acid test report, vaccination record, etc. are all files placed on his own mobile phone. He only compares them with an encryption string (data fingerprint) on the blockchain when he submits them to the Immigration Department and the immigration department receives and verifies the authenticity of the data.
        Under this mode, we believe that the data privacy of users is protected to the maximum extent and the requirements of our personal protection law are fully met. We also compared the gdpr and found no conflict. Titanium media: in promoting so many scenarios with low relevance to the bank's core business, have you considered its future business prospects and the cost of this innovation?. Ma Zhitao: as a commercial institution, we still hope that the investment in scientific research can be transformed into commercial value in the end. However, the research on blockchain and many other cutting-edge technologies does not seek a very short-term feedback. Because we also believe that the enterprise still plays a very important role in driving the progress of the whole industry and society, we have made an advance layout in many frontier technologies, but it does not need to be reflected in the financial statements in the next two or three years.
        Taking blockchain as an example, we are currently assisting Guangdong, Hong Kong and Macao Greater Bay area to promote the effective circulation of data elements in the Greater Bay area through blockchain technology, including the DDTP protocol we have proposed. We also believe that the opportunity of the Greater Bay area is how to make good use of these data elements. However, there are still many difficulties in the circulation of data elements in Dawan district. Therefore, we propose that through blockchain technology and innovative data transmission methods such as DDTP, data elements can be more smoothly circulated in the three places in Dawan District, and this data element can also be used well in different areas. This process requires pioneers and a lot of infrastructure. For example, the Hong Kong Zhuhai Macao Bridge and the Guangzhou Shenzhen Hong Kong high-speed railway have promoted the circulation of people and logistics in the Greater Bay area.
        Since Weizhong has the technical reserves in this area, we should really take out this ability to help the whole Dawan district to build this infrastructure. We believe that there will be many business opportunities in the future and we can have the opportunity to participate. Titanium media: as for the boundary of innovation, just now you have stressed many times that you do not consider the short-term income, but you must consider the long-term income. After all, Weizhong is still a bank. Although many people think that the future of the bank is not a scene, but a service, I believe that the service still has a boundary, that is, what is the boundary of its service?. Ma Zhitao: this boundary is our investment. We have set a range, that is, about 10% of the revenue is re invested in R & D. some of this R & D is to support the R & D of financial products, but some are relatively medium and long-term investment. Some of the capabilities may be incubated and can support the R & D of our new commercial products in a few years.
        Of course, sometimes from the outside, this boundary may not have a direct relationship with finance, but we also think that the future development of science and technology is a very important direction, and we will make some layout investment in advance. Our investment level is controlled within a reasonable range, which we think is the most important. Titanium media: as for the core business of the bank, does Weizhong have any new technologies or new scenarios or what kind of layout and progress?. Ma Zhitao: ABCD (artificial intelligence, big data, blockchain, Cloud Computing) is used more in its own business. For example, intelligent customer service, more than 98% of customer inquiries are answered by robots, which helps us save a lot of customer service manpower.
        For example, cloud computing has been continuously studied in recent years. How to use domestic chips and use some low-energy chips to build computing clusters will help us realize full self-control on the one hand, and further comply with the double carbon policy to reduce energy consumption on the other, and also help us further reduce service costs. In fact, a very important premise for universal service is that your cost should be controlled low enough. In the past, the cost of a single account may have been 1 / 10 of that of a general large bank (5 yuan), but later it was more than 3 yuan. Last year, it should have been 2.2 yuan. I have always asked our team to further optimize it to achieve less than 2 yuan.
        The long tail customer group served by Weizhong bank has four characteristics: short, small and frequent, short time, small denomination, high frequency, and urgent money. To meet this short, small and frequent demand, we need to improve the user experience in all aspects. The service mode of traditional banks, relying on the counter and staff, or even simply using some channels such as online banking, can not meet the needs of these customers. By the end of June this year, we had 340 million individual customers and 2.8 million enterprise customers, with a year-on-year increase of 30% in revenue and net profit. Ma Zhitao: the non-performing assets are still stable. Of course, they do not show a downward trend as before. I think this is also a unrealistic expectation, but it is stable, and our revenue and profit are actually relatively healthy.
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