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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 BE 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.
(eastday.com August 29, 2002)
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