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HSBC Is Given An On-Line Banking License In China

by Mary Swire, Tax-News.com, Hong Kong

03 October 2002


The People's Bank of China has given HSBC a license to offer on-line banking in mainland China, making it the second bank to be licensed after Bank of East Asia, also based in Hong Kong, which was given its license on 27th August. Hang Seng Bank, a majority-owned subsidiary of HSBCm has also been given an on-line license.

HSBC's chief executive for China business, Eddie Wang, said he was delighted by the announcement from the People's Bank of China: "Technically, we are ready, and with the experience we have gained elsewhere, I am sure we can provide an excellent service," he said.

Mr Wang said: "We certainly see the possibility of our customers using the online service to check balances from home, inquire about exchange rates and request the transfer of funds, either domestically or to offshore accounts. Those applications will be most popular initially."

HSBC says it has 3.6 million online customers in 19 countries, and particularly values the ability to offer its on-line clients wealth management services. "At present, we will not be able to do that in China," Mr Wang said, "But we hope to accumulate a user base to sell those products to when we can do so."


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