Three Overseas Banks Launch On-line Services in China

Home>>Business

Last updated at: (Beijing Time) Sunday, January 05, 2003

Three Overseas Banks Launch On-line Services in China

DISCUSSION

CHINESE

SEND TO FRIEND

The Hongkong and Shanghai Banking Co., Ltd (HSBC), Hang Seng Bank and the Bank of East Asia (BEA) became the first group of overseas banks to launch on-line banking services in China's mainland areas in early this week.

With the approval of the People's Bank of China, the three banks can offer Internet-based services including account inquiries, capital transfer, inquiries about exchange rates and interest rates, opening fixed-term deposit accounts, ordering check books and upgrading individual data.

With the development of the information industry, on-line banking systems which offer lower costs and better services have become popular around the world.

From 1997 to 2000, investment in Internet-based banking services increased by about 36 percent year-on-year in the world's financial institutions.

E-banking covers 20 percent and 12 percent of Hang Seng Bank and BEA's total business respectively.

"Because of the gap in the number of branches between us and local banks, it is difficult for us to compete with local banks intraditional trade," said Ji Yunbing, vice director of the BEA's Shanghai branch. "So we hope to narrow the distance between us and our clients through the Internet."

After China's entry into the WTO, domestic banks face fierce competition from their overseas counterparts. The emergence of e-banks is a convenient way for overseas banks to overcome their disadvantages, which will help them take more of China's market, said Sun Weidong, a manager of the Industrial and Commercial Bank of China.

Questions?Comments? Click here

Chinese, Overseas Banks Vying for High-End Clients

Overseas Banks Eye Personal Business in China

International Banks Ready for QFII Filing

Iraq Vows Fight Against US in Different Way from 1991 Gulf War ( 5 Messages)

German Maglev Expert: World's Fastest Train Puts China in the Spotlight ( 4 Messages)

Pyongyang Orders IAEA Inspectors to Leave ( 31 Messages)

China Launches 'Shenzhou IV' Unmanned Spacecraft ( 31 Messages)

China Set Trade Growth Goal at 7 Percent in 2003 ( 23 Messages)