Bank of China is ramping up its support for technological innovation by enhancing financial services to propel the growth of new quality productive forces. The bank has increased its resource allocation and developed innovative products to strengthen its tech finance offerings.

Shenzhen-based UBTECH Robotics has unveiled a new humanoid robot capable of autonomous visual recognition and analysis, drawing significant attention. 

"BOC has been a key supporter of UBTECH and other AI firms, providing inclusive financial loans since 2019 and increasing credit limits to aid their R&D and manufacturing efforts," Chen Mingze, deputy manager of BOC's Shenzhen High-tech Zone Branch, said. "The bank also facilitated UBTECH's Hong Kong listing with comprehensive financial services."

In recent years, BOC has actively provided comprehensive financial services to tech companies and leveraged its global presence to support their overseas business expansion. For example, BOC has been instrumental in supporting Tencent's global expansion, providing a range of services including cross-border loans and M&A financing.

BOC's tech finance loan portfolio has seen rapid growth, with a balance reaching 4.38 trillion yuan ($615.16 billion) by the end of March, an increase of 325 billion yuan since the start of the year, outpacing overall loan growth.

This year, BOC launched several new initiatives, including piloting tech enterprise M&A loans in multiple cities and introducing the tech innovation computing power loan in AI hubs. The bank also issued 20 billion yuan in tech innovation bonds, one of the first financial institutions making its entry into this sector.

BOC intends to continue leveraging its domestic and international market resources to enhance financial services for tech companies, aiming to stimulate innovation and market vitality.

Source: Yao Junfang, Xinhua News Agency