Some banks, although late to the party, are wholeheartedly embracing the fintech revolution which has transformed customers’ financial consumption behaviour.
Last year China Construction Bank (CCB) set up its own wholly-owned fintech unit, joining Ping An Bank, China Merchants Bank, China Everbright Bank, Industrial Bank, and China Minsheng Bank.
CCB is the only Big Four state-owned bank to have set up a dedicated fintech unit. Industrial and Commercial Bank of China, Bank of China and Agricultural Bank of China have not launched fintech divisions despite tech firms competing with bricks-and-mortar banks on product offerings, distribution channels and even cannibalising their customers.
Read More.. Source South China Morning Post