One of China's largest state-owned lenders is to set up a fintech lab with one of the world's largest internet and gaming companies.

Bank of China (BOC) and Tencent have established a joint financial technology laboratory, the lender said in a statement this week.

The lab will work on cloud computing, big data, blockchain and artificial intelligence to promote financial innovations.

Digital Future

«After months of work, the two sides have made breakthroughs in the fields of cloud computing, big data and artificial intelligence applications, and set up a unified platform of financial big data,» the firms said in the statement.

finews.asia reported this week that 80 percent of leading wealth managers in China are now using digital ecosystems to gain access to a large share of the assets of High Net Worth Individuals who are still under-served by wealth management institutions and their traditional channels.