Finance publication Global Finance has just announced the winners of its 2020 Global Finance Stars of China, following a particularly fraught year for the international finance sector.
According to Global Finance Chinese banks have managed to successfully weather the economic impacts of the COVID-19 pandemic, which has nonetheless prompted considerable changes in strategy.
“China’s financial institutions…appear to be coming through a supremely difficult year in good health —with the Stars of China setting the pace.”
Global Finance said that the Novel Coronavirus has driven the increasing use of fintech and digital technology by Chinese banks, including contactless payments, deposit methods and pay check services, while other focal areas include urban revitalisation, rural development and small and medium-sized enterprises.
ICBC – China’s biggest bank with over 30 trillion yuan in assets, was named Best Corporate Bank for the third consecutive year by Global Finance, and also won the award for Most Innovative Bank.
Postal Savings Bank, which serves over 600 million customers via around 40,000 branches, was named Best Consumer Bank, while China Construction Bank grabbed the award for Best Bank for Cross-Border Trade and Bank of China was named Best Domestic Bank for Belt and Road.
Ping An Bank was named Best Private Bank, China Life Asset Management grabbed the award for Best Asset Manager, and Chongqing Three Gorges Bank was Best Bank for Risk Management.
China Zheshang Bank won the award for Innovation in Fintech, AsiaPay grabbed the award for Innovation in Payments, and Beijing Rural Commercial Bank was named Best Bank for Green Energy Development.