Multiple Chinese banks are in the process of launching their own private pension fund account services following the release of government regulations earlier in the year encouraging the development of the sector.
In April the State Council released the “Opinions on Driving the Development of the Private Pension Funds (关于推动个人养老金发展的意见), which outlined the creation of a personal account system for private pension funds.
Under the system participating individuals would each have only a single account for contributions to their pension funds, with an annual ceiling of 12,000 yuan.
According to a report from 21st Century Business Herald multiple Chinese banks have already commenced the incorporation of private pension fund services and functions into their mobile apps.
These include China Merchants Bank and China CITIC Bank, both of which now have private pension fund options in their mobile apps. Fujian-based Industrial Bank Co., Ltd. has also added a private pension fund option to its app, which has yet to be updated with any content.
Joint-stock banks appear to running in advance of the big state-owned lenders in China, none of which have yet to add private pension fund options to their mobile app services.