News Column

China Top 3 Telecom Operators Deploy Internet Finance

September 4, 2014

BEIJING, September 4, SinoCast -- China Unicom on September 3 announced it was approved to join hands with China Merchants Bank's wholly-owned subsidiary Hong Kong Wing Lung Bank to establish a consumption finance company and both parties will conduct in-depth cooperation in the Internet finance sector.

By far, all of China's three major telecom operators have marched into the Internet finance sector.

Based on the rapid development of Internet-based small loans and wealth management business and the continuously expanding third-party payment market size, the cooperation space and prospect of both parties is huge and broad, said China Unicom.

Up to now, China's three major telecom operators are competing in the mobile payment market. China Mobile, after obtaining a fund sales license this August, joined hands with fund firms to launch the first Internet finance product this August.

China Telecom and China Bohai Bank in May signed a strategic cooperation agreement to strengthen exchanges and cooperation in modern information technology and launched mobile phone wallet, online financial service, direct-selling bank and other innovative services.

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Source: Sinocast Telecommunications Beat (China)

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