China Merchants Bank Co. Ltd. (CMB) and one of its Hong Kong subsidiaries have won initial approval to conduct product trials as part of a cross-border fintech pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
An artificial intelligence-backed identity verification tool developed by CMB and CMB Wing Lung Bank Ltd. will be used when the latter’s Chinese mainland customers open a Hong Kong-dollar account on its app, according to a product description released by the Shenzhen branch of the People’s Bank of China (PBOC).
