Shanghai Pudong Development Bank, a Shanghai-based joint-stock commercial lender, is intensifying its efforts to turn fancy buzzwords in the financial technology arena into intelligent, convenient banking experiences for customers.

Since unveiling China’s first API Bank in July 2018, it has further enriched this open banking service and gained differentiated competitiveness.

So far, SPD Bank has launched around 500 API services and connected to around 270 apps from partners, including governments, enterprises and industry platforms, according to its financial reports.

SPD Bank is one of the strategic partners of the 2020 Pujiang Innovation Forum.

It has teamed up with many world-leading technology companies to establish joint laboratories devoted to data intelligence, data empowerment, open banking service and other areas, a move that has greatly fueled its business development.

For example, SPD Bank unveiled a tech alliance lab in November 2018 with Swiss banking system provider Temenos Group AG, aiming to further transform its business by utilizing the latest financial technologies.

During the recent SPD Bank Global Innovation Jam 2020, a global competition to identify the most exciting fintech startups, Pan Weidong, president of the commercial lender, said they had received 162 solutions from 107 startups in areas like cloud computing, blockchain and secure multi-party computing.

And thanks to such collaboration with its partners, they have been accelerating the application of innovative solutions in the fields of intelligent marketing, anti-fraud detection and basic technology platforms, Pan noted.

The COVID-19 pandemic has advanced digital operations in the financial industry. Amid the crisis, the bank launched the Sweet Orange application and moved its traditional mortgage business online. Customers can do house-hunting, file online mortgage applications and enjoy other related services like property valuations and repayment trials on their mobile phones.

It also introduced contactless account-opening services for enterprise clients, especially small businesses, through WeChat and its mobile app.

SPD Bank places high importance on advancing the strategy of digital operation, and starts from the key digitalization projects to promote digital transformation and complete the switch from old to new drivers of growth.

In 2019, Xiaopu, the first digital employee of the Chinese banking industry, heralded a new way to offer financial services. As an artificial intelligence-powered virtual employee, Xiaopu offers risk assessment, financial consulting and investment advice through professional training.

In the 5G environment, she works on various devices such as mobile phones, smart watches and cars, making banking more convenient and inclusive.

Last year alone, SPD Bank invested 4.12 billion yuan (US$610.9 million) in information technology development, which accounted for over 2 percent of its operating income, according to its 2019 financial results.