BOCOM Brings Chinese Banking Sector Fintech Subsidiaries to 12 in Total

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Bank of Communications (BOCOM) has become the latest big state-owned lender in China to establish its own fintech vehicle, bringing the number of such subsidiaries in the Chinese banking system to 12 in total.

BOCOM announced on 25 August that it had established fintech subsidiary BOCOM Fintech Co., Ltd. (交银金融科技有限公司) in Shanghai’s Nanhui New City with registered capital of 600 million yuan.

BOCOM Fintech’s main operations will include software R&D, tech consulting and innovation and information system services.

Li Haining (李海宁), BOCOM’s chief IT specialist and head of its IT department, will serve as the chair of BOCOM Fintech.

BOCOM’s annual report indicates that in 2019 its IT investments were 5.045 billion yuan, for a YoY rise of 22.94%. This investment accounted for 2.57% of operating revenues, for a rise of 0.38 percentage points compared to the previous year.

“BOCOM Fintech will have its basis in the group, service clients and improve the overall service capability of the group’s technology,” said BOCOM in a statement.

“[It] will upgrade independent support capability for core technology, and expedite in-depth integration between the group and external ecosystems.”

The move brings the total number of fintech subsidiaries established by Chinese banks to 12 in total.

Fintech subsidiaries of Chinese banks as of August 2020

No.BankFin­tech sub­sidiaryChi­nese name of fin­tech sub­sidiaryTime of es­tab­lish­mentLocationRegistered capital
1Bank of ChinaBank of China Fin­tech Com­pany中银金融科技公司June 2019Shanghai600 million yuan
2Bank of Bei­jingBank of Bei­jing Fin­tech Lim­ited Li­a­bil­ity Com­pany 北银金融科技有限责任公司May 2019Beijing50 million yuan
3In­dus­trial and Com­mer­cial Bank of ChinaICBC Tech Co., Ltd. 工银科技有限公司May 2019Xiong’an New District600 million yuan
4China Min­sheng BankMin­sheng Keji Co., Ltd. 民生科技有限公司April 2018Beijing200 million yuan
5China Con­struc­tion BankJianxin Fin­tech Co., Ltd. 建信金融科技有限责任公司April 2018Shanghai1.6 billion yuan
6China Ever­bright BankEver­bright Tech­nol­ogy Co., Ltd. 光大科技有限公司De­cem­ber 2016Beijing200 million yuan
7China Mer­chants BankZhaoyin Yunchuang (Shen­zhen) In­for­ma­tion Tech­nol­ogy Co,. Ltd. 招引云创(深圳)信息技术有限公司Feb­ru­ary 2016Shenzhen65 million yuan
8Ping An BankShang­hai OneCon­nect Fin­tech Co., Ltd. 上海壹账通金融科技有限公司De­cem­ber 2015Shanghai1.2 billion yuan
9In­dus­trial Bank Co., Ltd. In­dus­trial Bank Dig­i­tal Fi­nan­cial Ser­vices (Shang­hai) Share Company Lim­ited兴业数字金融服务(上海)股份有限公司De­cem­ber 2015Shanghai 500 million yuan
10Huaxia BankLongying Zhida 龙盈智达May 2019Shenzhen 21 million yuan
11Agricultural Bank of ChinaABC Tech农银科技July 2020Beijing600 million yuan
12BOCOMBOCOM Fintech Co., Ltd.交银金融科技有限公司August 2020Shanghai600 million yuan

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