Home / Business

Commercial banks bet big on fintech

By Jiang Xueqing | China Daily | Updated: 2018-05-17 07:48

A growing number of Chinese commercial banks are setting up their own financial technology companies to explore a market-driven mechanism for development of the sector.

China Minsheng Bank Corp Ltd, a Beijing-headquartered national joint-stock commercial lender, launched a tech subsidiary called Minsheng Fintech Corp Ltd on Tuesday. The move follows in the footsteps of five other listed commercial banks, such as China Construction Bank Corp, China Merchants Bank Co Ltd and Industrial Bank Co Ltd.

Apart from exploring a market-driven mechanism for the commercialization of scientific research achievements, the tech subsidiaries of these banks also aim to export fintech solutions to smaller banks and other financial institutions, according to China Minsheng Bank.

Commercial banks bet big on fintech

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349