The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Best Transaction Banks in China

Best transaction bank for payments services 2021


Weng Weiyong, ICBC.jpg
Weng Weiyong, ICBC

Industrial and Commercial Bank has been a front-runner in payments services, launching a payments product specifically for corporates in 2018. That was when online payments for customers had already become quite popular in China, but platforms targeting large corporations were still limited.

What makes ICBC’s payments services business stand out is its flexibility, which allows it to focus on providing customized services, a feat that makes it Asiamoney’s pick for best transaction bank for payments services.

Its platform is built on different modules, and clients can either use or modify some of the modules to satisfy their different requirements.

The customization has proved to be a success. The payments services business, whose deputy general manager is Weng Weiyong, gained 100 new core clients last year: its payments services covered a host of upstream and downstream companies by the end of 2020. Last year, it recorded transaction volumes of tens of billions of renminbi (or billions of dollars).

One of the advantages ICBC offers is allowing direct remittance between buyers and sellers without going through e-commerce platforms.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree