Big state-owned lender Bank of Communications (BOCOM) has joined the ranks of Chinese financial institutions that have established their own fintech vehicles.
Bank of Communications Fintech Co., Ltd. (BOCOM Fintech) (交银金融科技有限公司) held the ceremony for the official launch of operations in Shanghai’s Nanhui New District on 27 November, with the attendance of leading members of the Shanghai municipal government.
BOCOM previously announced on 25 August that it had established fintech subsidiary BOCOM Fintech with registered capital of 600 million yuan, and that its main operations would 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, has been appointed the chair of BOCOM Fintech.
BOCOM is the only big state-owned bank that is headquartered in Shanghai, and has recently stepped up efforts to leverage this positional advantage.
At least 12 Chinese banks have established their own fintech subsidiaries, including Bank of China, Industrial and Commercial Bank of China, Industrial Bank Co., China Merchants Bank, China Everbright Bank, China Minsheng Bank, Huaxia Bank, Bank of Beijing and Ping An Bank.