China Guangfa Bank, China Mobile start mobile Internet banking service

Nationwide rollout to follow.

China Guangfa Bank and the Guangdong branch of China Mobile yesterday began a new mobile bank service expected to save several million renminbi in fees for the subscribers and boost the bank’s mobile bank user growth by 50%.

With the new service, China Guangfa will underwrite the telecom traffic fees of China Mobile customers for using, downloading and upgrading its mobile bank program within Guangdong.

The China Guangfa online bank currently has more than 8.35 million customers, with an annual composite growth of 63%. The number of China Guangfa mobile bank customers stands at 2.1 million with an annual average growth of 250%.

The new service is expected to be rolled out nationwide. Sources said China Guangfa is negotiating with China Telecom and China Unicom and third-party payment units such as Alibaba to establish more cooperation in mobile payment, short message service and mobile finance.