BEIJING, Jan. 3 (Xinhua) -- The Chinese financial IT companies listed on the domestic stock markets such as Hundsun Technologies Inc (600570.SH) and Shenzhen Sunline Tech Co., Ltd. (300348.SZ) have turned their eyes to the IT construction of the banking sector, as the wealth management subsidiaries of some large lenders have been approved, generating lots of opportunities for the IT construction services.
Recently, two of China's leading lenders, China Construction Bank (CCB) and Bank of China (BOC), have been approved to establish wealth management subsidiaries, which gave light to many other commercial banks willing to develop such kind of business.
The market insiders predict that in the first quarter of 2019, a group of banks in China will be approved to establish wholly-owned wealth management subsidiaries, and these subsidiaries are expected to open business at the earliest in the fourth quarter, creating large market opportunities for the listed financial IT companies.
In fact, since the new regulations about wealth management subsidiaries of the commercial banks were promulgated, Hundsun Technologies Inc has signed cooperation agreements with major commercial banks, such as Bank of China, HSBC Bank, China Minsheng Bank (CMBC), and banks at city level, including Bank of Shanghai, Band of Nanjing, etc., to offer integrated solutions to the wealth management subsidiaries, according to the company's website.
In August last year, Shenzhen Sunline Tech Co., Ltd. joined hands with Tencent Cloud to launch a finance cloud platform for banking industry. The platform has a segment dedicated to wealth management products, which can be docked with financial subsidiaries in the future.
At present, Shenzhen Sunline Tech Co., Ltd. is the core IT system supplier for banks such as Ping An Bank, and Tencent-backed WeBank, China's first digital bank. (Edited by Li Wenxin, liwenxin@xinhua.org)
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