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WeBank’s inaugural FinTech Day was held on July 26th, 2019 in Shenzhen with the theme of “Open Source Ecosystem: Unlocking Infinite Potential and Propelling Open Innovations”. For the first time, WeBank introduced in full the innovation progress and open source path in the field of FinTech. It launched 10 applications and modules of its open source solutions as well as kicking off FinTech accelerator “WeAccelerator”.Henry MA, Executive Vice President and Chief Information Officer of WeBank, Professor Qiang YANG, Chief AI Officer of WeBank, Coby Chiu, Vice President of Tencent and CEO of Tencent Cloud and Keith CHAN, CNCF Greater China Director and Linux Foundation APAC Strategic Planning Director, officiated in the morning session and shared their insights on open source technologies.
“WeBank, as the practitioner of open banking strategy and the collaborative business infrastructure provider, is committed to utilizing open source technology to help industry partners enhance business value,” said Henry.
WeBank FinTech Embraces Open Source
The event was an Open Day of WeBank, consisting of the main forum in the morning and four stages in the afternoon on Blockchain, AI, Accelerator and Open Platform.
In the main forum, Henry showcased the development progress of WeBank FinTech over the past 4 years and released a number of its FinTech solutions under open-source license. Professor Qiang YANG presented the R&D milestones of WeBank on AI. Coby Chiu shared the experience on fostering an open-source ecosystem. And Keith CHAN highlighted the current development of domestic and overseas open source ecosystems and recognized WeBank’s contributions in promoting open source culture.
In particular, Henry suggested that technology should be considered the core competency for banks to stay competitive in the new business ecosystem. On one hand, banks are encouraged to optimize patented and open-source technologies to foster innovation. On the other hand, when banks share out their technologies under open source licenses, it benefits the industry and partners as well as promotes development of the ecosystem. At its inception, WeBank has adopted open source technologies to build a secure and fully distributed core banking system. At present, open-source practices are the cornerstone of WeBank to implement its “3O Paradigm of Open Banking”.
Meanwhile, in order to cultivate university talents and promote the long-term development and continuous innovation of FinTech, the long-planned ‘FinTechathon’, a Fintech hackathon targeted to university students, was also launched at the event. The competition, open to global universities, was designed to screen projects in AI and blockchain area. Selected teams will receive bumper bonuses, internship opportunities and employment offers.
Ten Open-Source Applications Released to Boost Industry Development
The four sub-forums of AI, Blockchain, Open Platform and FinTech Accelerator demonstrated a full array of results and the future trajectory under the “3O Paradigm of Open Banking” and ten open-source applications were released.
In terms of AI, WeBank has released Pan-robot AI technology, FATE open source platform of a new generation of federated learning technology, financial-grade AI advertising and AI wealth management tools. On the blockchain stage, WeBank unveiled its blockchain open source landscape which included WeBASE, a bridge connecting applications with blockchain infrastructure, WeIdentity, a solution of digital identity and trusted data exchange based on Open Consortium Chain, and WeEvent, the distributed event-driven architecture based on blockchain technology. For distributed architecture and big data areas, WeBank released a series of open platform applications and solutions, including WeBank FinTech Sandbox; “MicroCore”, a new generation of online banking core system architecture concept; WeCube, the distributed architecture management framework and WeDataSphere, big data platform suite.
In fact, WeBank has already developed use cases in various industries. For blockchain technology, FISCO BCOS, an infrastructure platform led by WeBank and jointly launched by other FISCO (The Financial Blockchain Shenzhen Consortium) members, together with its open source WeIdentity, a solution of decentralized identifiers, have been put in use to provide technical support for e-government services in Macao to elevate the service experience of Macao residents. Recently, WeBank and the media outlet People’s Daily Online have jointly released a copyright protection platform based on FISCO BCOS to protect user-generated content via blockchain technology.
As the collaborative business infrastructure provider, WeBank continuously opens up its leading AI, blockchain, cloud computing and big data technologies and a series of financial-grade applications, to infuse its partners with WeBank’s open innovation capabilities of FinTech and work hand in hand with partners to jointly create the future of collaborative business.
WeBank FinTech Accelerator Released and Seven Enterprises Joined the First Batch
In the Accelerator sub-forum, WeBank FinTech Accelerator “WeAccelerator” has been released. “WeAccelerator” is positioned as the “connector” to realize WeBank’s “3O Paradigm of Open Banking”, leveraging the platform and technical advantages of WeBank, as well as WeBank’s ecosystem resources to recruit innovative enterprises. It provides full range of support from new technologies and industry resources to consulting services of expert panel to help accelerate the growth path of member startups.
The first batch of seven enterprises recruited include Fenbeitong, YIBI Technology, ADVANCE.AI, Zhongnong Puhui, XYB2B, Che 300, and YunZhangFang, completing their roadshow and expressing confidence that they will soar ahead with the support of WeBank.
Henry was excited about the potential of the collaborative business model. “It will change the future business environment and enterprises will become more sophisticated within their niche fields. Open collaboration will guide the collaborative business partners to jointly develop business infrastructure and incubate more innovative business models”.
WeBank is committed to putting the idea into practice. Based on the existing resources, service capabilities and ecosystem, WeBank will be rooted in FinTech arena to help partners grow their business with open source technologies including AI, blockchain, cloud computing and big data.
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