China to frame rules for online-only banks this year

HONG KONG/BEIJING: China is working to finalise its first rules to cover online-only banking operations in a push to minimise risk in the financial sector and attract players including foreign lenders

, three people with direct knowledge of the matter said.

But foreigners have struggled to make money in mainland retail banking, with many yet to break even despite years of onshore presence as they compete with the vast physical networks of domestic rivals. Banks are expected to be allowed to own majority stakes in online-only banking ventures, the people said, as the government pushes ahead with its strategy of easing access for foreigners to China's vast financial markets.

A spokesman for Citi said the bank would review the rules when they are published, and that its own China consumer banking business had already been digitised.

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