Increased enthusiasm for online banking services has prompted major banks to become active participants at Cebit Asia 2005, the country's largest information and communication technology show, which opened in Shanghai yesterday.
"Online banking is our top priority," said Zhang Yuqian from China Merchants Bank (CMB)'s Shanghai Branch, "Personally I hope we can have a larger pitch at next year's exhibition."
She added that financial innovations driven by technological advances have played a major role in the bank's business development.
CMB is the best performer in China's nascent online banking sector with the Industrial and Commercial Bank of China ranking second.
Other banks represented at the show included the Bank of Communications, China Construction Bank, Bank of China (BOC) and China Everbright Bank.
The aim was to promote technology-related financial products and services such as online and mobile banking.
Li Yan, a BOC official, said some foreign visitors applied for banking services at the show and asked a lot of questions about online banking, but there was a lack of professional visitors.
Chinese banks and financial institutions are becoming major buyers in China's IT and telecom market.
IT spending in the finance sector hit 24.89 billion yuan (US$3 billion) last year, according to Beijing-based CCW Research. In the coming four years, the compound annual growth rate of IT spending in the sector is expected to stand at 8.4 percent.
Zhang said an increasing number of customers are signing up for online banking, driving up banks' technology expenditure.
According to the show organizer, Hanover Fairs, this year's event attracted 433 exhibitors from 18 countries.
(China Daily May 12, 2005)
