China Information

Thursday, December 14, 2006

Beijing Bank And Microsoft Formed A Strategic Alliance

Beijing Bank of China and Microsoft, the global software giant, signed a memo of strategic cooperation on Dec. 8th. Both parties would enhance cooperation on fields such as IT system structuring and application resolution. The high management of Beijing Bank revealed that the cooperation with Microsoft would drive the development progress of the bank’s core business system. Right before the overall opening up of Chinese financial business, Yan Xiaoyan, president of Beijing Bank, indicated on the signing ceremony that with the challenge of full opening of Chinese finance and pressure from foreign banks, Beijing Bank must improve its core competitiveness rapidly and the promotion of the technology is one of the most essential and fundamental work. Chen Yongzheng, CEO of Microsoft of Greater China revealed: “We have input USD20b into the development of a series of products in the past five years and we hope that we can apply these products to bank businesses, which we regard as a new breakthrough of strategic cooperation.” He also expressed that there would be substantial space for cooperation in such fields as database and Internet businesses between Microsoft and the bank.

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