Hong Kong banks launch first online banking consortium

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

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.

NETAlliance is open to membership by other banks and chairman Mike Murad says there have even been some inquiries from institutions that already have online banking services. Some banks had already invested in 'stage one' online banking services, but as more functionality is required by demanding customers, they are looking to phase out their old...

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