In 2018, China Merchants Bank, China’s seventh-largest bank and the 30th-largest bank in the world, strategically repositioned itself in “light banking” to address the changing competitive landscape and rapid entry of non-bank financial technology companies. These companies were using information technology to compete in China’s domestic payments market. China Merchants Bank was also actively stimulating innovation. Through its incubation fund, the bank provided funding to its business units for new technology projects. The bank’s president was reviewing one specific project financed by the fund—the cross-border payments blockchain system. He was eager to determine the success of the project and the potential for future development of the blockchain technology, in his efforts to understand the applicability of blockchain to banking in general, and to payments banking in particular.
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