China Construction Bank Upgrades Financial Inclusion App


One of China’s big state-owned banks has just launched an upgraded version of its financial inclusion app, heralding the increased use of online digital technology to make financial services more accessible to everyday consumers.

On 15 November China Construction Bank (CCB) held a launch event for version 3.0 of its CCB Hui Dong Ni (建行惠懂你) app. CCB bills the app as a “specialised digital financial inclusion platform” whose initial version was first unveiled over four years ago.

The move comes amidst a drive by the big state-owned banks to improve financial inclusion in China via the use of fintech and online technologies. Other banks that have launched specialised financial inclusion or rural finance apps include Industrial and Commercial Bank of China with its “Xing Nong Tong” (兴农通) app, Bank of China with its “Hui Ru Yuan” (惠如愿) app and Postal Savings Bank of China with its “You Chu Jing Ying” (邮储经营).

A survey conducted by the China Financial Certification Authority (CICA) found that during the period from 2017 to 2021 China’s mobile banking and online banking personal user penetration rate rose from 51% to 81% and 63% respectively.

During the same five year period the enterprise online banking penetration rate rose from 75% to 86% while the enterprise mobile banking rate rose from 14% to 57%.