China Telecom, China Merchant Bank, and China E-Commerce Technologies Ltd. Jointly Launch Internet Banking Card for Use throughout China - Brief Article - Product Announcement

ISP Business, Nov, 2000

China E-Commerce Technologies Ltd. (CECT), a subsidiary of Internet Corp,, has joined with China Telecom and China Merchant Bank (CMB) to launch a multipurpose Internet banking card throughout China.

The iBanking Card, a multipurpose Internet banking card, will provide the cardholder with a new virtual bank account at China Merchant Bank, along with the ISP network connection services from CECT through China Telecom. New users can easily get on-line without the traditionally long process of applying and setting up their ISP account or on-line bank account. The application and services of this same ISP account can be used on both PC and Internet appliances.

As part of CMB's innovative banking services, new virtual banking customers have the option to apply for the account without visiting bank locations. Upon application, the iBanking Card will be delivered by the China Postal Bureau, which verifies an applicant's ID and documentation.

The China Postal Bureau has the largest network of delivery services throughout China. CECT also has established a direct link with the China Postal Bureau allowing its customers to go on-line and wire transfer funds to any of its over 66,000 locations nationwide.

The iBanking Card also serves as a discount card at over 5,000 member merchants through CECT's partners. The iBanking Card allows users to enjoy discounts from five percent to 40 percent when making purchases or using services of these merchants, which include hotels, travel agencies, restaurants, supermarkets, drugstores, bookstores, entertainment clubs, electronic shops, department stores, and other specialty stores.

The card will bear the China Merchant Bank and the China E-Commerce Technologies Ltd. emblem and logo. The card is targeting consumers that use traditional services but have not yet signed up for the online banking services. The card will be distributed to China Merchant Bank regular account holders, discount card members, and new PC and Internet appliance users. The card will be accepted at all CMB branches throughout China.