Best Bank for Innovation in Gold Products and Services 2020
China Minsheng Bank
China Minsheng Bank is regarded as one of the most innovative and technology-savvy Chinese banks – and its precious metals
business is no exception. The bank consolidated its precious-metals business lines in 2016, nearly a decade after it started operating in the field.
It launched a brand known as Minsheng Gold Bank, offering products and services across trading, financing, physicals and wealth management.
Li Bin, executive vice-president at Minsheng, oversees the business.
In 2019, Minsheng invested in the Gold Bank, upgrading its online platform and making it a key component of its precious metal business.
It combined cutting-edge technologies and tools such as e-payment methods, big-data analysis, cloud computing and mobile applications, to create a financial platform that offers its clients gold products and services in a much more efficient and comprehensive way than traditional over-the-counter services.
Minsheng was one of the first Chinese banks to receive a regulatory green light to partner with Chinese e-commerce and financial platforms such as JD.com, Xiaomi, China Telecom and China Unicom.
The partnerships offer Minsheng offer a much broader retail client base for its gold investment products
Its partnership with JD.com – launched in June 2019, and the first between one of China’s gold banks and a non-bank financial platform – led to the biggest increase new accounts that Minsheng had seen in five years.
Thanks to JD, the transaction volume for the following six months exceeded what the bank would normally see in a year.