China-based digital bank WeBank climbed to third place for the number of Blockchain patents registered globally in 2019 in the Global Bank Patent Ranking. Alibaba and Tencent ranked first and second, respectively.
WeBank is a private Chinese neobank based in Shenzhen, China. The bank was approved by the country’s authorities in 2014 and has no physical branches or points of sale, nor does it depend on a property guarantee. His way of operating is by granting loans through facial recognition technology and big data.
Among the first three of the ranking
In IPRdaily’s recent Global Bank Patent Ranking, WeBank is the only digital bank ranked in the top 10.
According to the report published on April 24, the digital bank has risen from fifth to third place. This, after having registered almost 632 patents in 2019. In which, 80% were related to technologies such as Blockchain, AI, cloud computing and big data.
In AI terms, WeBank builds a financial ecosystem powered by advanced federated learning technologies. New generation of human-computer interaction, AI marketing and AI asset management.
WeBank’s patents have focused on the open source consortium chain infrastructure (48%), middleware (40%), and other algorithm-related solutions (12%). Also, privacy protection and cross-chain technology.
The increasing number of patents filed indicates the growing capacity of the banking industry in terms of cutting-edge technology. Instead of building a heavily guarded fortress with those capabilities. WeBank determines to empower developers with open source fintech in a collaborative ecosystem.
In 2019, WeBank announced the open source fintech strategy that aims to collaborate with developers around the world.
So far, it has brought to light dozens of successful open source projects such as FATE (Federated AI Technology Enabler), FISCO BCOS (consortium chain platform built in conjunction with FISCO’s open source task force) and suite of large open source data platforms WeDataSphere.
WeBank leading digital bank
In April, WeBank was reported to be exploring the integration of DAML smart contract language for its consortium Blockchain. FISCO BCO will be the chain that supports China’s national blockchain-based service network.
Likewise, the digital bank stated that it would help deliver pioneering solutions in Blockchain. Through finance, supply chain and other sectors worldwide.