Financial innovation speeds up pace of change

China Zheshang Bank Co is using big data and blockchain technologies to introduce more innovative financial services, aiming to promote intelligent transformation via digitalization among small and medium-sized enterprises.

Many private companies remain concerned about the risks related to such changes, said Wu Jianwei, vicepresident of CZBank. The Hong Kong-listed national joint-stock commercial lender is headquartered in Hangzhou, Zhejiang province.

The investment involved is huge, and the transformations have to be customized and constantly upgraded, he explained, while customers and providers of intelligent manufacturing solutions are reluctant to cooperate due to the lack of mutual trust.