Internet finance boost
Print Edition
CHINA Telecom aims to expand its business in Internet finance, with one of its two subsidiaries set to generate 700 billion yuan (US$110 billion) in transactions in 2015 as the country’s third-biggest telecommunications carrier seeks new business engines.
E Surfing Finance and E Surfing Investment, the two finance subsidiaries, said in Shanghai yesterday that they will jointly tap the Internet finance sector.
E Surfing Finance’s Internet finance transaction value is expected at 700 billion yuan in 2015, triple the previous year’s level. The subsidiary now has 1 million enterprise users and 170 million personal users in 350 cities nationwide.
E Surfing Investment invests in startups in online to offline (O2O), cloud computing, Internet of Things and e-commerce.
The Internet finance business covers supply chain financing, consumer finance, wealth management, online and mobile payment and credit system, covering 170 million users nationwide, said China Telecom.
In the first half of the year, China Telecom’s net profit fell 4 percent from a year ago to 10.9 billion yuan.
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