President of People's Bank of China (PBOC) Dai Xianglong has recently disclosed that the PBOC is drafting a management regulations for the online bank business and a guide to the management of the network financial risk, that is to be published soon.
According to report of International Finance Daily, over 200 branches of 20 more banks have their own domain names and homepages and more than 50 of them have opened substantial online bank business to over 400,000 clients. The China financial authentication center jointly established by 12 commercial banks under the proposal of the PBOC has been put into operation. Besides, the nationwide link-up for bankcards is underway and expected to be available in all large and medium Chinese cities in 2003.
Online bank is an integrated product of financial and technological innovation rather than a traditional bank simply with its business put online, said Dai Xianglong.
(People's Daily 06/22/2001)
