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ING mulls China online banking venture
Dutch financial services giant ING says it's looking into the prospect of launching a joint online banking venture in China with its long-term local partner Bank of Beijing.
Reuters reports that ING CEO Ralph Hamers let slip the plans during an earnings call on Wednesday. The two institutions reportedly signed an MOU last week and are now researching the feasibility of the venture.
This is not the first time ING has dabbled in fintech ventures, after all it was an early backer of PayPal, but like many of its banking peers the Dutch lender has been pushing extra hard on the fintech front in recent months.
ING launched its first fintech accelerator in Belgium in July and just chipped in for a $135 million Series E round of funding for U.S. fintech startup Kabbage last month. If this latest venture comes to fruition, however, it will be will be ING’s first notable fintech play into Asia.
Photo: ING Nederland