SenseTime Inks Deal With PBOC To Help Financial Industries

Jyoti  |  Apr 27, 2020

The world’s highest-valued artificial intelligence (AI) start-up, SenseTime, has recently inked a deal with China’s central bank digital currency unit (CBDC) to help the financial industry by providing it latest AI technologies.

The Hong Kong Science Park-based company, on April 27, 2020, has stated that the Digital Currency Research Institute unit of the People’s Bank of China (PBOC) signed the deal with SenseTime merge both of their researches and supply an innovative AI-based new application across the country.

SenseTime’s AI Technology For Financial Institutions

The SenseTime in its statement further said that the main aim of this partnership is to help the financial institutions in improving its risk control and operational capabilities. However, the company did not give any other detail regarding the deal.

A few weeks ago, PBOC collaborated with big foreign consumer brands to test its own digital currency. Along with 19 local businesses, China’s central bank listed American fast-food chains like Starbuck, McDonald’s and Subway for the testing CBDC.

Recently, China also constituted a national blockchain committee whose objective is to prepare guidelines for the use of its technology. The member of  National Blockchain and Distributed Accounting Technology Standardisation Technical Committee are telecommunications equipment maker Huawei Technologies, video games and social media powerhouse Tencent Holdings, and many more.

China Testing Its CBDC

Currently, China is heading towards becoming the world’s first country to launch its digital currency. Although, the country has not scheduled the time for launching its CBDC, as soon as its test would be completed China would roll it out for the citizens.

China’s CBDC came into limelight in early April 2020, when its app screenshot went viral on social media. The app is basically a test version of CBDC which has been created by the Agricultural Bank of China.

The test version of the app has been rolled out in four cities of China i.e., Shenzhen, Suzhou, Chengdu and Xiong’an.

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