Suning Bank, the subsidiary company of Chinese retail giant Suning is testing a blockchain system, which will allow all banks with access to it, to put and update the ledger of people with bad credit history. The main goal of the company is to fight credit fraud and reduce risk, Chinese local media Sina Finance wrote on Thursday.
With a shared access to platform, all financial institutions can encrypt and store their own blacklist data on the blockchain, preventing and controlling fraud. Currently, the platform has already millions of entries of various blacklist data.
Suning Bank is also actively working in the area of the AI for face recognition. Their system allows individuals to open online accounts remotely, verifying the identity with an accuracy 99.97%.
Suning bank was established just a year ago in 2017 and has already grown to be one of the top online-to-offline commercial banks in China. The bank is specializing in small and medium sized loans.
By Nadya Astam