OREANDA-NEWS. July 05, 2012. Agricultural Bank of China Limited(ABC) held a press conference to launch its mobile financial product -- "Smart Finance, Leading the Future in Your Palm" in Nanjing today. Mr. Cai Huaxiang, Vice President of ABC, partner executives from China Unionpay, China Telecommunications, China Mobile and China Unicom, and other ABC partners and key customers in mobile finance and representatives in the industries of education, medical care and public transportation attended the launch ceremony for its new mobile financial products brand, "Golden Online: Smart e-Palm", reported the press-centre of ABC.

In order to provide its wide range of customers with new personal and customized financial services in the palm at anytime and anywhere, ABC, building upon its original mobile banking platform, once again takes the industry lead in launching a brand new palm banking, which offers a whole series of mobile financial products including browser series, customer series, SMS series and smart chip series. These new services have great flexibility in application for various customer type and to a wide range of business scenarios. The browser series centers on fundamental services, the customer series enriches value-added applications, the SMS series focuses on quick services, and the smart chip series enables onsite payment. Through those products, ABC has made palm banking a personal financial manager of the customers in the real sense of word. So far, the number of registered users in ABC's mobile banking has exceeded 45 million with transaction volume increasing rapidly and the pace of innovation accelerating continuously.

In recent years, ABC has made great strides in its e-banking business by optimizing product design, exploring customer resources, implementing brand marketing and strengthening infrastructure. While continuously providing 260 million customers with high-quality and convenient online financial services, ABC, in the face of the new trends of rapidly developing mobile internet and smart terminal, has firmly seized the leadership in mobile financial development and is promoting mobile financial business as its core strategic business. Formally launched in 2008, ABC's mobile financial business has been steadily improving its system versions and enriching the functions of its products under the concerted efforts of all its employees. Over years of development, ABC has consistently achieved breakthroughs in its mobile financial business.

At the press conference, ABC signed a Letter of Intent on Strategic Cooperation in Mobile Financial Business with China Telecommunications, China Mobile and China Unicom respectively, aiming at further enhancing in-depth cooperation between the financial sector and the operators in the mobile financial business. "Palm Wallet", a product in the smart chip series jointly developed by ABC and China Unionpay and China Telecommunications, was also launched. As an onsite payment product based upon the PBOC2.0 standard of financial IC card and used in mobile phones, this product enables its users to make payment on various POS devices that support non-contact card reading simply by swiping the mobile phone.

Experts have pointed out that ABC's active exploration in the mobile onsite payment field is a significant landmark in the development of mobile financial business. With the maturing of 3G networks and the coming of the 4G era, mobile terminals have become increasingly popular and have significantly changed people's life styles and financial consumption habits. Mobile remote payment and the market for mobile onsite payment will keep expanding. Mobile finance will eventually dominate in the multi-channel business system of e-banking, becoming the most important form of service in the era of mobile internet.

Meanwhile, development and exploration of mobile financial market are not possible without cooperation among various parties in the industrial chain such as banks, operators and China Unionpay. ABC's launch of "Palm Wallet" underscores that various parties have taken the first of many major steps in cooperation. It will surely lead to a new round of upsurge in the development of mobile financial business.

According to ABC's e-Banking Department, ABC views the partnership announced at this press conference as an opportunity to further efforts to build a wholly new mobile financial brand of "Smart e-Palm". Palm banking products will extend to even more mobile terminals. At the same time, ABC is dedicated to continuing bold attempts to launch even more diverse channels to realize mobile onsite payment.

In the next few years, ABC will continue to be highly responsive to the development of mobile internet market and customer mobile financial needs, and treat mobile financial service as high potential and strategic business in the development of e-banking. It will also keep up with market trends and grasp customer needs to boost the healthy and orderly development of the mobile financial market in China with an open stance and in a win-win manner.