Chinese Bank Signs Deal with Microsoft over On-line Services

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Last updated at: (Beijing Time) Thursday, February 27, 2003

Chinese Bank Signs Deal with Microsoft over On-line Services

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The Industrial and Commercial Bank of China (ICBC) signed an agreement in Beijing Thursday with Microsoft (China) Ltd. to cooperate on the ICBC's security system for its on-line private banking network and other related IT systems.

According to the agreement, the two sides will fully develop their respective interests in jointly promoting the development of the ICBC's on-line private banking business.

A spokesman for the ICBC said that the bank planned to build a modernized private financial service system focusing on private banking while developing asset-liability service and intermediate service.

He said that Microsoft would help the bank design and optimize security standards for on-line private banking and create a safe on-line system. The ICBC will adopt Microsoft's corporate-oriented products in its on-line banking system to provide value-added services for clients.

He said that the ICBC would launch a new generation of on-line banking this July, giving private clients a chance to enjoy a range of financial services via a personal computer.

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