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Best Transaction Banks in China

Best transaction bank for mobile banking services 2021

Ping An Bank

Ping An Bank is well ahead of its peers when it comes to mobile banking services for its transaction banking clients. Last September, it launched the Ping An Pocket Bank, a new mobile banking app; it is an upgrade from its previous banking platform for companies and provides both financial and non-financial services.

The app has proved popular. By the end of March, it had 3 million registered business users and 300,000 daily active users. In 2020, the app recorded transaction volumes of Rmb4.37 trillion ($678 billion).

The success in attracting users mainly comes from Ping An Bank’s emphasis on digital assets. The bank collects companies’ data, including basic business registration information, as well as operational information around orders, cash flow and supply chain. The information forms a company profile, and companies have their own digital certificates. The digital certificate reflects Ping An’s evaluation of a company’s value and risk, helping the bank to provide tailor-made services for customers. Its functions also include digital signatures and digital stamps.

Ping An has also developed a digital account for clients. All users will have their own digital IDs that can be used to access services provided by the whole Ping An Group as well as its partners.

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