TheBank of China Hong Kong is part of a consortium which has signed a strategic cooperation agreement for the communications and technology industries.
China Mobile International Limited (CMI) and China Mobile Hong Kong Limited (CMHK) are joining with the Bank of China Hong Kong (BOCHK) to leverage what has been called a ‘perfect match’ of the three corporations, to optimise strengths across China’s finance and telecommunications sectors for collaboration on fintech developments.
“CMI, CMHK and BOCHK are three leading influential players in their respective industries…leaders in communications technology,” said BOCHK chief executive, Yue Yi.
“BOCHK is one of the largest commercial banks in Hong Kong with solid financial background [and] lead fintech innovation development application in Hong Kong’s banking industry.”
Yi said the consortium would aim to bypass market boundaries and limitations as a united group at a signing ceremony for the cooperation agreement at the Bank of China tower.
“We can optimise our respective strengths to complement each other,” he said of the consortium.
“With CMI’s strengths in communications technology and platforms, together with BOCHK’s expertise in banking services, we will be able to leap over respective market boundaries.
“[We will] achieve comprehensive cross-field convergence for the best use of our resources.”
Customer experience would be a key focus for the consortium, who would follow a devised strategy for the development and implementation of experiences to suit the particular lifestyle and personalised needs of customers. In addition to this, focus would be expanded on broader service coverage, high quality of care, and the increased attention on network and channel service expansion across Hong Kong.
CMI and CHMK chairman, Li Feng, said the cooperation was vital to the future developments and functioning of the companies in both the domestic Chinese and larger Asian market, and would help Hong Kong to secure a stronghold in the global fintech and finance innovation sector.
“Our cooperation is based on…an innovative play of our respective advantages in resources, seeking to establish a common business development platform and achieve win-win cooperation,” Feng said.
“BOCHK is deeply rooted in Hong Kong, while at the same time closely keep up with the ‘One Belt, One Road’ strategy to actively expand the South-East Asian market as its development focus.”