The People's Bank of China (PBoC) intends to set up an Internet platform for online banks between now and June 2010, Caijing reported December 3 quoting PBoC Payment Division Secretary Ouyang Weimin. Clients of any domestic online banking system will be able to login to the platform, the report said.
In a 2009 survey of 35 Chinese cities, 20.9% of residents use online banking, up 2% from the previous year, according to the China Financial Certification
Authority (CFCA). Enterprise banking accounted for 70.3% of total online banking users, the report said.
China's online banking transactions were RMB 300 trillion in 2008 and are expected to come in between RMB 440 trillion and RMB 450 trillion in 2009, according to CFCA data.
Source: JLM Pacific Epoch
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