Tencent eyes advanced technologies to counter financial crimes

Tencent Co Ltd will take more efforts in building intelligent risk-prevention system based on advanced technologies, aiming to enter the field of financial risk prevention and control, according to the company's top management on Friday.

"With the development of financial technology and the innovation of transactional means, financial crime has become more hidden and complicated, posing big threat to the current financial risk-prevention system," said Lan Liehua, vice-president of Tencent Financial Technology.

On the other hand, the application of new technologies is reshaping the global financial order and becoming an important factor for maintaining financial stability, according to Chen Jin, managing director of ZhongAn Insurance.

The new system will employ advanced technologies, including big data and AI, to verify users' identity, identify transaction-related risks and realize intelligent risk-control, Lan said.

"Cyber security is an ecological system and it needs both internal and external forces to maintain its health," Lan said. "Tencent has begun to strengthen internal supervision for its platforms like WeChat and QQ."

Besides, the company has already joined hands with the public security, providing technology support for the police to counter all forms of fraud, the company's statement said.

"Undertaking the task of financial risk prevention is a company's social responsibility," Lan said. "Tencent hopes to make contribution through better supervision and regulation.

Fan Hang contributed to this story