Business / Markets

Online banking on the rise

By Jiang Xueqing ( Updated: 2014-03-18 17:46

Internet financing services have been growing rapidly in China, a report published by China Banking Association said.

By the end of 2013, the country's online banking transactions hit 1,067 trillion yuan ($173.69 trillion), up 22 percent from the previous year. Personal Internet banking clients reached 753 million, a rise of 28 percent. Corporate online banking clients increased by 30 percent to more than 15 million, the report said.

It noted that mobile banking transactions amounted to 12.74 trillion yuan by the end of last year, up 248 percent from the previous year. Personal mobile banking clients increased by 55.5 percent to 458 million.

During the same period, major commercial banks also developed new platforms and business models by using online technologies or through cooperation with e-commerce and Internet companies.

The Agricultural Bank of China established a platform to provide financial services such as supply chain management, multichannel payment and settlement, and online/offline collaborative development to help traditional companies turn to e-commerce.

Registered clients of China Construction Bank's e-commerce platform have surpassed 1.5 million. The platform's transactions totaled nearly 10 billion yuan and financing reached several billion yuan, the report said.

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