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China to Boost E-Banking: Report
China will give a boost to e-banking to improve the performance of its commercial banking sector.
The move will sharpen the competitive edge of China's commercial banks, Chen Jing, director of the science and technology department at the People's Bank of China, was quoted as saying.
The development of Internet-based e-service will help domestic banks survive fiercer competition in China's fledging banking market, said Chen.
Backed by the newly launched e-banking system, medium-sized Everbright Bank has introduced an online corporate account settlement to corporate customers, allowing instant transfers between regions for the first time in China.
Dai Xianglong, governor of the People's Bank of China, said that the central bank is drafting regulations to regulate China's burgeoning Internet banking sector as well as guidelines on how to ward off the risks involved in the sector.
"The regulations will come out later this year. They will give a strong boost to the growth of Internet banking," said Dai.
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