WeBank unveils WeBank Blockchain to promote ESG strategies

WeBank unveils WeBank Blockchain to promote ESG strategies

WeBank, a private Chinese neobank, has recently announced launching of its new brand known as, WeBank Blockchain. As per a press release the brand will be used to develop blockchain technology and financial infrastructure for inspiring ESG (environmental, social, and governance) investment strategies.

WeBank president, Nanqing Li, said that they have successfully attained two provisional missions and met the goals of ensuring that the technology is safe, manageable, and open-sourced, accomplishing industrial digitalization. The WeBank blockchain will be converting the mission from just refining efficiency to encouraging equity and sustainable development.

He stated that WeBank will be using its experiences in agile trial-and-error experimentation, strategic positioning, and perseverance to innovate and discover pioneering technologies for promoting sustainability and equity with WeBank Blockchain.

WeBank Blockchain's goals encompass promoting a digital economy, high-quality development, and carbon neutrality, added Li.

The release further notified that WeBank has been looking forward to working on blockchain to enhance the efficiency of inclusive financial and digital services.

The bank has enlarged its FinTech capabilities into healthcare, government affairs, and agriculture. In 2015, WeBank started with blockchain, introducing Financial Services Blockchain Consortium after a year, becoming the first such conglomerate in the Chinese finance industry. It released its safe blockchain technology in 2017.

The firm has also encouraged other technologies' uses related to blockchain, including industrial digitalization.

A credible source cited that Ant Group's MYBank is collaborating with China's development of a digital currency. The report stated that MYBank would be enhancing the experimental under the all-inclusive arrangement of the People's Bank of China, as per a spokesperson.

China's central bank has been at the vanguard of the movement to foray into digital currencies, doing abundant tests in several regions. In fact, WeBank was also part of the digital yuan pilot.

Source Credit - https://www.pymnts.com/blockchain/2022/webanks-new-brand-webank-blockchain-to-promote-esg-strategies/