(Yicai Global) April 27 -- Industrial and Commercial Bank of China Ltd., the largest commercial lender in the world by total assets, has largely completed its global network covering 45 countries and regions, boosted in Africa with the purchase of shares in the Standard Bank of South Africa Ltd.
“The network was indirectly extended to more than 20 African countries through purchasing’s shares in Standard Bank of South Africa, and we have set up institutions in Belt and Road countries and regions as well,” said China Economic Net cited Lv Zhongtao, the bank’s general IT manager as saying in a press conference.
As financial areas, business scope and customer group expand, ICBC’s information technology system has played an important role in supporting the development of the globalization, Lv added.
China announced plans to open up its financial sector wider to the world to enhance its international competitiveness at the recently concluded Boao Forum. In response to the change in policy planning, Lyu said opening the financial sector is a two-process, in which domestic banks work on international network layouts. Technology, as a key driver for the development of the banking business, brings both opportunities and challenges for the whole fintech sector, he added.
As a result, Lyu said that the banking sector should promote its development through fintech because the competition will further intensify as the sector opens up. Domestic banks must adapt to the competitive nature of new business products, including expansion to improve and build an open, integrated, and global financial ecosystem.
Editor: William Clegg