China Everbright Bank joins hands with telecom giant in mobile finance

China Everbright Bank signed a strategic cooperation agreement with the telecom giant China Unicom on Sunday to develop business in mobile finance. As the first Chinese bank to join hands with China Unicom in mobile finance, China Everbright Bank will focus on mobile payment service to facilitate near field and online payment as well as promotion in technological support and commercial applications. Mobile payment can be applied in retail stores, public transportation, gas stations,restaurants and other locations, the bank said. Their cooperation will also target financial smart card research and development to enable cross-sector services such as paying social insurance, utility bills and buying bullet train tickets. Mobile finance has become an emerging market for banks as China's cabinet unveiled details of financial support for the cash-strapped small businesses, encouraging the innovation of online financial services via Internet and other new technologies in early August.