Date
23 October 2017

Banks take on internet finance providers, paper says

Major lenders including Industrial and Commercial Bank of China Ltd. (01398.HK, 601398.CN), Bank of China Ltd. (03988.HK, 601988.CN) and Bank of Communications Co. Ltd. (03328.HK, 601328.CN) are offering their own online financial services to compete with non-bank providers, China Securities Journal reported Friday. The move has been prompted by the growth of internet finance powered by technology giants such Alibaba Group and Tencent Holdings Ltd. (00700.HK). Several banks have chosen to cooperate with brokerages and technology players to offer the service which allows real-time fund transfers. But lack of technology for third-party payment has hampered most traditional lenders, the report said. Also, banks are subject to tight regulations on loan-deposit ratios and risk controls, it said.

– Contact HKEJ [email protected]

TL/AC/RA

 

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