PSBC strengthens financial technology innovation

The booth of Postal Savings Bank of China is seen during an expo in Beijing in September. DONG YIMING/FOR CHINA DAILY

The Postal Savings Bank of China has strengthened financial technology innovation and accelerated the development of digital finance to bolster rural vitalization as well as enhance the quality and efficiency of its services for farmers and small businesses.

The large State-owned commercial lender in China has ramped up investments in financial technology innovation over recent years, contributing 3 percent of its annual operating income to the development and application of information technology.

“PSBC takes digital transformation as a key strategic move in its transition. The bank is promoting innovation of digital business models and the intelligent restructuring of a traditional bank at the same time,” said PSBC President Liu Jianjun.

The bank has been continuously building up digital capabilities and vitalizing digital assets. It has created more than 1,600 tags for retail customers to generate accurate customer…

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