Hang Seng Bank To Offer On-Line Banking In China
Hong Kong's Hang Seng Bank has received approval from the People's Bank of
China (PBOC) to offer online banking services for retail customers in mainland
China, making it the fourth bank after parent HSBC, Standard Chartered and the
Bank of East Asia to be approved. The bank made the announcement at a press briefing called to announce extensions
to the bank's local on-line business banking service, which will now include
some types of trade documentation, cash management and loan application services. Hang Seng's head of commercial banking David Tam Wai-hung said the bank expected
to launch the service in the middle of 2003: "I think that initially, because
the services were launched in Hong Kong first, the first version may not be
as complete," he said. "But these types of services should not be
too hard to introduce to the mainland, and it really depends on the stage of
the development when the mainland launch comes." Mr Tam also said that the bank planned to introduce on-line business banking
services on the mainland by the end of 2003 - although approval for that had
yet to be obtained. .
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