BOCHK intensifies blockchain use across retail segment

The lender processes 85% of its mortgage-related property valuations on its digital ledger.

Bank of China Hong Kong is processing 85% of its mortgage-related property valuations on its own digital ledger in line with the central bank’s push for fintech and digital banking models, according to local media reports quoting BOCHK general manager of IT Rocky Cheng Chung ngam.

“In the past, banks and real estate appraisers had to exchange faxes and emails to produce and deliver physical certificates. “Now the process can be done on blockchain in seconds,” Cheng said, adding that a growing number of trade finance deals have been conducted via blockchain tech.

Cheng was speaking at the official opening of the bank’s new ‘smart’ branch set up in Hong Kong Science and Technology Park which offers video-banking services.

“We decided to open a smart branch here, not only because it made operational sense but in the hope of interacting with other technology firms to develop more applicable fintech,” he added.