According to an announcement on August 15, the two parties will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products. The CUP plans to build a unified port for mobile integrated financial services, enabling the cardholders to use a QR code to spend, transfer and trade on a cloud flash payment app.
A grant of $20 million has been awarded to the Hong Kong University of Science and Technology Business School to research and improve the security capabilities of electronic payment systems. The university along with other parties will explore blockchain technology applications to enhance the electronic payment security system.
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