December 9, 2004 – China Construction Bank Corporation (CCB) and China United Telecommunications Corporation (China Unicom) jointly held a launching ceremony to introduce the New Generation of Mobile Phone Banking, which draws upon CCB E-route electronic banking platform and uses the CDMA 1X network and BREW technology. This new service can offer functions of wealth management, payment and e-business via cell phone. Mobile phone banking presented a new philosophy of finance and consuming for people’s daily life and will make contributions to the social development.

This service is available to all China Unicom CDMA 1X clients with CCB account after they apply for mobile phone banking and thus cell phone will become the financial terminal with function of wealth management. At present, this service offers the following functions: inquiries (including account balance, account details, reward points etc), account transfer (including account transfer between the client’s accounts and to another person’s account), remittance, payment, transfer between Banking to Securities Accounts, foreign exchange services (providing market trends, market orders and entry orders), etc. It can offer most banking functions except cash deposit and withdrawing. And clients can receive banking services via CDMA 1X mobile phone without going to the counter of CCB outlets.

Mobile phone banking service jointly launched by CCB and China Unicom, compared to cell phone payment based on short message platform, has incomparable merits. First of all, a wide range of services. This is the first time for state-owned commercial banks to launch mobile phone banking throughout the country. The service can be accessed in all places covered by CDMA 1X network. And roaming now is also available and the service is real-time. Second, fast speed. This service uses CDMA 1X mobile communications network, with the fastest speed of 153.6K per second. Third, multi-functions. Clients can access most services provided over the counter via mobile phone except cash deposit and withdrawing. Fourth, tight security. The mobile phone banking system is protected by password from the mobile phone to the bank and uses a wide range of security measures to ensure the security of mobile phone banking. Meanwhile, it introduces digital signing system and phone-to-card system to ensure the security of the transactions and funds of clients. In addition, mobile phone banking system has a friendly interface and easy operations. And it is similar to online banking and if you want to upgrade this system, you can do it only by following the upgrading instructions over the interface.

Mobile phone banking system is a new baby of the marriage of bank and communications industry, and a new way for the bank to serve its customers after the emergence of online banking service. It draws upon the characteristics of mobile communications of trading anywhere and at any time, and has become a more convenient and competitive banking service. It will improve and perfect e-banking products and service system and expand service channels for customers. Meanwhile, it will facilitate the development of a emerging industry and promote all industries to change around e-trading, and eventually make contributions to the growing of information-oriented society, as mobile phone banking service shall be supported by a wide range of providers such as manufacturers, banks, credit card organizations, communications operators, mobile payment providers, commerce institutions, cell phone providers, developers, content providers and clients. 

China Unicom and CCB indicated, based on mobile phone banking services, they will continue to explore the market to launch new e-trading systems by using CDMA 1X network, so that they can create more value for clients. 

CCB and China Unicom have enjoyed a long-term friendly relationship. They are each others customer and will grow hand in hand with mutual benefits. This cooperation is a high level cooperation, with the widest range and latest technology in this industry. This cooperation is a good example for banks and communications industry and will definitely promote the development process of mobile financial services.