Date
17 November 2017
ICBC's online platforms are witnessing scorching growth in transactions, says chairman Jiang Jianqing. Photo: Xinhua
ICBC's online platforms are witnessing scorching growth in transactions, says chairman Jiang Jianqing. Photo: Xinhua

ICBC unveils three-pronged strategy on internet finance

Industrial and Commercial Bank of China Ltd. (ICBC, 01398.HK) has unveiled a three-pronged strategic plan targeting online payments, financing and wealth management businesses, the Hong Kong Economic Journal reported Tuesday.

China’s biggest commercial lender is pushing internet finance in a bid to counter the ambitious plans of electronic-commerce platforms in the online banking market, the report said.

“It took seven years for general e-commerce platforms to achieve an annual transaction value totaling over 100 billion yuan. We did it in 204 days,” ICBC chairman Jiang Jianqing was quoted as saying.

Such transaction size has made the bank’s platform among the top 10 in the country.

China Vanke Co. Ltd. (2202.HK, 000002.CN), one of mainland’s top property developers, is said to be eyeing 10 billion yuan sales from ICBC’s e-commerce platform this year.

The bank is now uniting all three of its platforms — e-commerce, e-messenger, and e-finance — under the same branding umbrella e-ICBC.

The e-commerce platform, which has now been in operation for 14 months, has 16 million registered users. Meanwhile, the bank’s e-payment services platform is said to have handled 65 billion yuan of transactions, with over 50 million registered accounts. 

ICBC currently has about 465 million online clients, including users of accounts for micro financing and other financial innovations.

Loans extended through clients’ online shopping or other credit card spending has topped 230 billion yuan, approximately matching the size of the nation’s total peer-to-peer online lending.

This article appeared in the Hong Kong Economic Journal on March 24.

Translation by Vey Wong

[Chinese version 中文版]

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