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Chinese Bank Launches Internet Services
China's CITIC Industrial Bank has just launched its Internet banking services.
The cyber-bank will not only provide banking services at the counters of CITIC Industrial's over 20 branches nationwide, but also securities, insurance and mutual fund services belonging to other arms of the CITIC group.
Guo Danghuai, assistant to the president of the bank, said the launch of online services marks a major move on the part of the bank to embrace the challenges represented by China's imminent accession to the World Trade Organization (WTO).
According to him, the biggest impact to domestic banks after the entrance of foreign banks will come from Internet services, credit cards and personal financial services sectors.
CITIC Industrial's Internet services have reported transactions worth 10 billion yuan during its trial operation, said Guo.
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