The e-ICBC brand will also combine the banks existing ecommerce business, product direct-selling units and instant communications, the worlds largest lender by assets, globaltimes.cn reports. Analysts said that ICBCs launching of a brand for its internet finance services is an attempt to grab some of the attention away from tech companies like Tencent Holdings and Alibaba Group Holding, which have already rolled out services such as wealth management and online payment.
According to ICBCs statement, its ecommerce business gathered 16 million registered users in more than a year since its establishment, handling turnover of CNY 100 billion (USD 16.1 billion) and its online payment system has had over 50 million users within a years period.
Alibabas payment arm Alipay, which seized a 49.6% share of the online payment transaction market, is continuing to lead the market in 2014, according to a report released by Beijing-based market research consultancy iResearch, the source cites. Jack Ma, Alibabas owner, said that there will be little chance for ICBC to exceed internet companies in terms of ecommerce and online payment in the short term, but the bank can gain a spot more easily in P2P (peer-to-peer) lending platforms, the source cites. ICBCs P2P platform for small and micro-sized businesses has granted loans to 69,000 clients.
In June 2012, China Construction Bank launched its ecommerce platform buy.ccb.com to further its presence in the internet finance sector, while Agricultural Bank of China rolled out similar ecommerce marketplaces in April 2013. Also, in April 2013, China Merchants Bank launched an online lending platform for small enterprises.
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