Hong Kong banks launch first online banking consortium

Smaller banks team up to cut costs as online banking becomes commoditized.

Elton Cane

July 24, 2001

Four Hong Kong banks have teamed up with ecommerce technology company iMerchants to launch NETAlliance, an online banking consortium. Asia Commercial Bank, Chekiang First Bank, International Bank of Asia and Liu Chong Hing Bank are the founding members of the service, which aims to help member banks minimize the cost involved in offering services over the Internet.

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