The Hong Kong-based Bank of East Asia (BEA) has become the first
overseas-invested bank to receive approval to operate online
services in China.
BEA would offer exchange rate and interest rate information,
account checking, currency remittance and other online-banking
services at www.hkbeacybanking.com.cn during its initial operation
period, Timmy Leung, president of a BEA sub-branch in Shanghai,
announced Wednesday.
The online services would go into full swing when the seven BEA
branches and a sub-branch in the Chinese mainland complete all the
necessary work according to the People's Bank of China rules, Leung
added.
Online-banking was considered a crucial area for overseas-based
banks to explore business in China, according to Ji Yunbing, deputy
president of the BEA Shanghai branch, saying that BEA hoped to
foster a close relationship with its customers.
Statistics from the world's top 100 banks show that the cost of
running online-banking accounts for just one tenth of that of
counter services, and the investment in online banking services by
global financial organizations increased by 15 percent between 1997
and 2000.
(
August 29, 2002 )