The Bank of China (BOC), a state-owned commercial bank, is partnering with Temasek, an investment house owned by the government of Singapore, to launch village banks in China. Six village banks have been established thus far, with 14 more expected to be operating by the end of 2011. The goal of the project is to provide access to basic financial products and services to 263 million ‘unbanked’ Chinese adults. The nature of these products has not been disclosed. In 2010, BOC held domestic assets of RMB 8,520 billion (USD 1,320 billion) and generated domestic revenue of RMB 222 billion (USD 34.4 billion).
By: Philip E. Hughes III, Research Assistant
About Bank of China (BOC):
Bank of China is the state-designated specialist foreign exchange and foreign trade bank which aims to contribute to the development of China’s foreign trade and national economy. Bank of China provides financial services to customers across the Chinese mainland, Hong Kong, Macau and 29 overseas countries. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. In 2010, BOC held domestic assets of RMB 8,520 billion (USD 1,320 billion) and generated domestic revenue of RMB 222 billion (USD 34.4 billion).
About Temasek:
Temasek Holdings is an investment company owned by the government of Singapore. It manages a portfolio of about SGD 186 billion (USD 142 billion), focused primarily in Asia. It is active in financial services, telecommunications and media, technology, transportation, industrials, life sciences, consumer, real estate, energy and other natural resources.
Additional Resources:
Source Article: China Daily: Fostering Financial Inclusion: http://www.chinadaily.com.cn/cndy/2011-07/06/content_12841500.htm
BOC:
Temasek:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Temasek+Holdings
Microcapital.org: “MICROCAPITAL BRIEF: After Farmers Reject Bank Cards, China’s Harbin Bank “Cash Caravans” Bring Microfinance to Villagers, June 21, 2011:
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