Question

What are the latest digital initiatives of China CITIC Bank International Limited?

Answer 1

Latest digital initiatives of China CITIC Bank International Limited:

1. Faster Payment System in September 2018 connecting stored- value facilities in Hong Kong and Banks and facilitiate a new integrated payment platform.

2. Issuance of virtual banking license in 2019 which enables entities to deliver their banking services through digital channels instead of physical ones.

3. CITIC Bank is also enabling customers to open bank accounts remotely. Using its in-house app inMotion, customers can open their bank accounts from remote locations within a span of 15 minutes. This is the first ever initiative of its kind to be taken by a Bank in Hong Kong.

4. Owing to its Fintech developments, CNCBI was consecutively awarded the 2nd prize in the Shenzhen-Hong Kong Fintech Award jointly organized by the HKMA and the Shenzhen Office of Financial Development Service.

5. The Bank put its credit cards business on a proprietary tech stack based on containerization (open-sourced microservices operating in the cloud). This helped the Bank to seamlessly manage credit card operations and within 1 year of implementation, the Bank saw the credit card issuance rise to 98 million.