Chinese commercial lender China Minsheng Bank has seen its direct banking clients breach the 19 million threshold as it seeks to position itself as one of China’s leading fintech-driven financial institutions.
China Minsheng Bank’s 2018 annual report indicates that its direct banking clients have reached 19.1713 million, with 132.291 billion yuan in financial assets under management.
During the reporting period the number of direct banking transactions was 121 million, for a total transaction sum of 1.38 trillion yuan.
According to its annual report China Minsehng Bank hopes to upgrade itself into a direct bank via the deployment of a “3.0 business model” comprised of “the cloud + openness + linkers” (“云+开放式+链接器”).
China Minsheng Bank claims to be the first direct bank to launch a distributed-core system and establish an open “financial ecosystem” platform in China.
In 2019 Minsheng was named one of China’s top ten direct banks by Sina, while the China Financial Certification Authority (CFCA) awarded it the prize for best direct bank.
The commercial lender also tout its collaboration with a broad range of enterprises including Ant Financial, JD.com, Huawei and Xiaomi.
Minsheng’s 2018 annual report indicates that as of the end of the reporting period its personal electronic banking customers (including personal smartphone bank customers and personal online banking customers) had reached 47.9039 million, for an increase of 9.492 million compared to the end of the preceding period, as well as 1.877 billion transactions worth 16.01 trillion yuan.