HSBC Allowed to Do On-line Banking in the Mainland

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Last updated at: (Beijing Time) Tuesday, October 01, 2002

HSBC Allowed to Do On-line Banking in the Mainland

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Sources from the China Office of the Hong Kong and Shanghai Banking Corporation Ltd. (HSBC) said Tuesday that the bank has been given green light to provide internet banking services in the Chinese mainland for local residents and its international clients.

With ratification from the People's Bank of China, the HSBC will be able to offer on-line banking services including inquiring about the accounts, capital transference, inquiring about exchange rates and interest rates, opening fixed-term deposit accounts, ordering cheque book, downloading monthly balance and upgrading individual materials.

Currently the HSBC has branches or representative offices in 11major cities on the mainland, and it moved its China business headquarters from Hong Kong to Shanghai in May 2000.

HSBC sources said that they plans to launch internet banking services before the end of this year.

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