YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Japan’s Service Sector Sustains Growth Momentum in November 
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
Coinbase Refines Subpoena for SEC Chair Gensler Amid Ongoing Legal Battle 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Intel Boosts Malaysia Operations with Additional RM860 Million Investment 
IKEA Launches First New Zealand Store, Marking Expansion Into Its 64th Global Market 
Paytm Shares Plummet as Regulatory Crackdown Takes Toll 
Trump Administration to Secure Equity Stake in Pat Gelsinger’s XLight Startup 
Tech Stocks Lift S&P 500 as Fed Rate-Cut Expectations Rise 
Magnum Audit Flags Governance Issues at Ben & Jerry’s Foundation Ahead of Spin-Off 
Michael Dell Pledges $6.25 Billion to Boost Children’s Investment Accounts Under Trump Initiative 
U.S. Cyber Monday Online Sales Surge Past $9.1 Billion as Holiday Shopping Momentum Builds 
Standard Chartered Joins China's Digital Yuan Trials, Eyes Cross-Border Payments 
Crypto Markets Surge: Bitcoin, Ethereum, and Solana Lead Gains Amid Economic Optimism 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
WeBank, China's leading digital-only bank, aims to transition from its permissioned consortium blockchains toward more public-oriented ones, highlighting the potential of "Open Consortium Chain 2.0." As it seeks greater openness, the move signifies WeBank's intent to harness the burgeoning opportunities presented by the web3 era.
With its permissioned WeBank blockchain having processed over 400 million transactions, averaging 300,000 daily, the bank currently boasts around 30 blockchain applications. WeBank's CIO and EVP, Henry Ma, initially proposed a "Public Alliance Chain" in 2018, envisioning an open ecosystem that encourages participation for all. However, he acknowledged the resistance to supervision among enthusiasts of public blockchains.
Ma's vision aligns with Hedera and Korean Klaytn blockchains offering open access. However, the governing Council, comprising large corporations, retains control over node permissions and writing data. Unlike Klaytn and Hedera, WeBank's goal does not involve the use of cryptocurrency.
To foster greater openness, WeBank plans to enable light nodes for read-only access to its blockchain. The bank's blockchain currently operates on the FISCO BCOS platform—an open-source blockchain founded by WeBank, Tencent, Huawei, ZTE, and numerous other Chinese organizations. Positioned as a challenger to enterprise blockchain Hyperledger Fabric, FISCO BCOS is coinless and accessible to the public.
With around 4,000 organizations utilizing FISCO BCOS across 300 applications, WeBank remains committed to the platform's ongoing development. As WeBank charts its course toward greater openness, the integration of Open Consortium Chain 2.0 marks a significant step in unlocking the potential of web3.
WeBank, China's prominent digital-only bank, was established by Tencent, responsible for the widely-used WeChat app. Tencent holds a significant stake, approximately 30%, in WeBank.
Renowned for its fintech innovation capabilities and inclusive financial services, WeBank was named the "2023 Best Global Digital-Only Bank" by the Asian Banker. The bank also earned recognition for being the "Best Digital-Only Bank in Asia Pacific" and for its "Best Chatbot/Voice Banking Service."
Photo: Donald Wu/Unsplash
