An online financial consortium of 12 banks & its connection with a 2015 PBOC’s Notice

Updates from July 2016: 12 banks signed an cooperative agreement to have accounts connected, and announced “free online transfer” between member banks. The consortium is said to be incentivized by the PBOC’s Notice on improving personal banking services and strengthening account management.

§ Full text of this Notice is available here: http://bank.cnfol.com/yinhangyeneidongtai/20151225/22011737.shtml

§ This site has an English version, but it also has a paywall…

Where to draw the connection between the consortium’s formation and the Notice?

The Notice includes a tiered regulation framework for personal bank account, which enabled banks to expand their customer base for asset management products, and to satisfy the requisite CDD/KYC duties, banks are incentivized to collaborate with each other and share information. See http://www.weiyangx.com/197466.html

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