(ECNS) -- Twelve Chinese joint-stock commercial banks on Thursday launched an Internet finance alliance in Beijing, which will facilitate cross-bank fund transfers free of charge, Beijing Times reports.
The 12 banks signed a cooperation agreement on interconnectivity of bank accounts so that clients can enjoy enhanced account security, more innovative finance services and more preferential policies.
China CITIC Bank was elected to hold the presidency of the alliance, which also includes China Merchants Bank, Shanghai Pudong Development Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, Industrial Bank, Ping An Bank, Hengfeng Bank, China Zheshang Bank and China Bohai Bank.
According to Sun Deshun, president of China CITIC Bank, the alliance will bridge gaps and remove barriers to realize resource sharing with regard to information, products, funds and risk control.
The alliance announced that mobile banking and personal online banking services will no longer charge clients fees for money transfers, no matter how much the amount is.
Earlier, five state-owned banks -- Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications -- announced that money transfers via mobile banking will be free of charge, but still set a cap of 5,000 yuan ($750) for those conducted through general online banking services.
Zeng Gang, a senior banking researcher at the Chinese Academy of Social Sciences, said the development of Internet banking would help banks attract more clients and cut operating costs.
Fan Shuangwen, deputy director of payments and settlements at the Chinese central bank, said at the launching that he hoped more banks would join the alliance in the future.
