WeBank pushes for biotech ID in China

The Tencent-backed firm is pushing regulators to officially recognise biotech as a primary method of identification as traditional methods become less secure.

Tencent-backed WeBank, China’s first online-only bank, is pushing the country's regulator to accept biotechnology as a primary measure of identification on its online platforms as traditional methods become less secure.

“We are a big fan of biotech. Having biotech in financial services will really effect financial inclusion and improve efficiency,” David Ku, chairman and chief executive officer of WeBank, said Friday during a panel discussion about digital finance, held by the Institute of International Finance IIF in conjunction with the G20 meeting in Shanghai.

“If you assume everything will be online in the future, the current way of having user name and password isn’t...

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