应对互联网金融中国传统银行发起反击_BEC初级作文

应对互联网金融中国传统银行发起反击

Now banks are getting in on the act with their own cash-on-demand money market products.

ICBC, the world's largest bank by assets, launched a money-market WMP called "Tiantian Yi, which translates as "Everyday Benefit." So far only account holders based in the eastern province of Zhejiang are allowed to purchase, but the pilot is likely to ramp up quickly.

ICBC hopes to gain an edge over Alibaba by allowing customers to transfer up to 30 million yuan into its product, known as "Everyday Increase."

ICBC has also fought back by limiting its depositors monthly transfers to Alipay to 50,000 yuan per month.

Bocom, China's fifth largest lender, has launched "Quick Benefit Channel," while Ping An Bank has a product called "Ping An Profit."

Bank of Beijing Co Ltd , a mid-sized lender, on Wednesday announced a partnership with smartphone maker Xiaomi Tech on mobile payments and sales of WMPs and insurance products.

Banks are also tweaking WMPs to make them more competitive.

"We're trying to increase the convenience of our WMPs, like letting people buy them during non-working hours. We're also asking the bank regulator to let us lower the 50,000 yuan minimum investment for some products," said a wealth product manager at a mid-sized bank in Shanghai.

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UBS estimates that if 10 percent of total bank deposits flow into online products, it could reduce banks' net interest margin by 0.1 percentage points, while lost fee income would amount to 4 percent of estimated 2017 net profit.