Tencent-Backed WeBank to Build Trusted ESG Infrastructure

WeBank, a private Chinese neobank, has announced the launch of a new brand called “WeBank Blockchain.” It will be devoted to building a trusted infrastructure based on ESG (Environmental, Social, and Governance), promoting fairness and sustainability, and providing convenience for the participation of the government, the public and private enterprises in the ESG strategy.

Henry Ma, Vice President and Chief Information Officer of WeBank, said, “At present, fair and sustainable development has become a national strategy. As a carrier for transmitting trust, blockchain technology will be used to practice the ESG concept and build a trusted infrastructure, speeding up industrial digitalization and helping sustainable development.”

In order to better promote the development of ESG, WeBank Blockchain will focus on key technologies such as privacy computing, trusted governance and distributed digital identity. It will develop an ESG application framework and open source ecosystem, and promote the realization of ESG-related businesses in a faster and more efficient way.

WeBank began its blockchain business in 2015, and took the lead in launching the first blockchain alliance in the financial industry, the Financial Services Blockchain Consortium (FISCO), in 2016. WeBank then realized the independent security and controllability of blockchain technology, and completely opened FISCO BCOS, the underlying platform.

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Up to now, WeBank Blockchain and the open source alliance chain ecosystem have grown to serve more than 3,000 institutions and enterprises and more than 70,000 individual members, supporting several hundred blockchain applications in industries such as finance, healthcare, legal administration, agriculture and manufacturing.

WeBank, which is located in China’s southern city of Shenzhen, was established in December 2014. It is the first private internet-based bank in China, initiated by Tencent, Baiyeyuan, Liye Group, and other companies. It is devoted to offering underbanked individuals and SMEs with a variety of convenient and high-quality financial services.