ICBC Awarded 'World Best Online Bank'

Home>>Business

Last updated at: (Beijing Time) Wednesday, September 11, 2002

ICBC Awarded 'World Best Online Bank'

DISCUSSION

CHINESE

SEND TO FRIEND

Industrial and Commercial Bank of China (ICBC) was awarded "World Best Online Bank" by The Banker, a British-based authoritative magazine in international banking business. This is the first such honor ever bestowed to the bank of a developing country.

The Banker finalized the winner after reading candidates' websites in aspects of providing convenience to online costumers, transaction, services and some other factors.

ICBC was finally chosen as the best one. Experts praised the website as "ICBC has enterprise feature of a commercial bank. It is easy to get online and also provides safe online banking business. Customers can easily find information. Especially it is provided both in Chinese and English which not only offers customers the introduction about the bank, but also an overall information to English customers.

They also said that ICBC is far ahead of other banks in China in e-commerce. It can provide an omni-bearing service. It is the first bank in China that has provided B2B service.

What is noticeable is that when many foreign banks are mulling over the online banking business in China ICBC has already carried away the laurel.

Insiders worry that once foreign banks open online business in China, Chinese banks' advantage in this aspect will be discolored.

Western countries predominate in online banking technology, in recent years, the "world best online bank" selected by the Banker are Hong Kong Shanghai Banking Corporation, Citibank, and other trans-national banks. And so people doubt about China's online banking competitiveness.

But what is grateful, China's commercial banks did not fall back. They faced squarely the competition. Just in a short period, they've been equipped with relevant vigor and strength. The award for ICBC fully indicates that China's commercial banks have already planted themselves in the rank of the world advanced online banks.

ICBC website was set up in 1998. At that time, it was mainly dedicated for information publication. Since 2000, it began to reform, targeting to turn the website into a first-rate finance portal.

In enterprise service, after it took the lead in online banking services for enterprise groups in China. It also launched online settlement, payment services to meet the needs of enterprises.

In individual service, it launched personal remittance, tuition fee payment, foreign currency transaction and funds transaction.

Customers can deal with account check-up, transfer, remittance, foreign currency and fund transaction, a series of services freely at home.

In addition, ICBC is developing e-commerce with B2B and B2C services provided by the bank.

So far, some 20000 enterprises and nearly 10000 individuals have logged on ICBC website with services enjoyed by clients ranging from account check-up, fund transfer, remittance, payment to securities, foreign currency, fund and a series of online services.

From last January to August alone, ICBC website registered 157.9 million page-views, an increase of two folds over the same period of 2001. Online transaction volume reached 2.65 trillion RMB, with accumulated transaction sum to have exceeded 3 trillion RMB.

Backgrounder:

The Industrial and Commercial Bank of China (ICBC) has become the largest state-owned commercial bank in China. It is committed to serving the national economy by raising funds both at home and abroad, strengthening the management of credit, supporting industrial production and commercial circulation, and promoting technical renovation and up-grade of enterprises in compliance with the state's laws and regulations.

By PD Online Staff Li Yan

Questions?Comments? Click here

ICBC Savings Deposits Top 2 Trillion Yuan

ICBC Aims for Overall Listing Within Five Years

ICBC's E-banking Exceeds 4 Trillion Yuan

Japanese Court Dismisses Germ Warfare Victims' Damages Claim ( 94 Messages)

China Plans to Stop the Overeas Flight of Corrupt Officials ( 69 Messages)

China Blocks the Way of Corrupt Officials Fleeing Overseas ( 5 Messages)

Survey Discloses Bad Service of Domestic Banks ( 4 Messages)

Quantitative Study Uncovers US Media Blackout: China Youth Daily ( 25 Messages)