Lenders tap boom in Internet finance
Print Edition
CHINESE joint-stock banks are launching money market deposit accounts as they compete against Internet finance firms to retain customers.
The booming Internet finance in China has put pressure on the Chinese banks as customers shifted their deposits to Internet-based wealth-management products. Following the success of Alipay’s Yu’ebao wealth-management product, similar online products have attracted media attention as well as investors’ money, Mao Yabin, analyst at consumer financial service company Bankrate Inc, told Shanghai Daily yesterday.
China CITIC Bank, one of the top-10 banks in the country, plans to co-launch a new money market fund with affiliated CITIC-Prudential Fund Management Co next Monday. This fund allows customers to withdraw money from ATMs and pay by debit card via a money market account just like normal saving accounts.
CITIC’s new product claims to be the first in the market that provides instant redemption and cash convertibility without any time lag.
The bank refused to disclose product details until the official launch.
“The Chinese version of money market deposit account to be launched by CITIC bank is likely to be a decent ‘weapon’ against the Internet financial products,” Mao said.
He disclosed that China Guangfa Bank sold a similar product in February, which customers could automatically redeem to pay Guangfa credit card bills by configuring their accounts.
At the end of March, 47 Internet-based money market funds managed total assets worth over 1 trillion yuan (US$160 billion).
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