Its in-house cloud computing system has been built as an alternative to the US technology that the government wants to purge from the domestic financial sector, in a bid to avoid products from IBM, Oracle Corp and EMC.
Beijing has become increasingly wary of foreign technology and has actively promoted the weaning of the financial sector off of IBM, Oracle and EMC systems, which form the network backbone for much of Chinas finance sector. The process has been dubbed IOE out, or de-IOE, after the first letters of the three companies names. MyBank executives said being cloud-based would reduce the banks technology costs and allow it to make cheaper loans. MyBank is widely expected to launch in June 2015, although executives declined to specify when.
According to Reuters, the government has pushed for domestic industries, especially in key sectors such as finance, to drop foreign-made technology, particularly from the United States. This came after former National Security Agency contractor Edward Snowden disclosed that U.S. spy agencies planted code in American tech exports to snoop on overseas targets. Analysts have said Chinas efforts to protect itself and sensitive information from potential vulnerabilities in foreign-made technology are perfectly reasonable.
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