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Hang Seng Bank To Offer On-Line Banking In China

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

13 December 2002


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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