Microsoft, ABC sign MOU on e-finance projects

Nov. 4, 2009 (China Knowledge) - Microsoft yesterday signed a memorandum of understanding with Agricultural Bank of China, the nation's third-largest lender by assets, to form a strategic cooperation in the field of electronic financial projects, sources reported.

Guo Haoda, deputy governor of ABC, and Microsoft CEO Steve Ballmer attended the signing ceremony in Beijing.

The MOU will enable cooperation on projects relating to next-generation Internet banking, multimedia retail network terminals and enterprise website construction.

Microsoft will help the Chinese bank with IT-based management solutions. It is estimated that the bank will spend three to five years to upgrade and improve existing systems. New standards and information systems will develop through the cooperation.

ABC is the only one of the country's Big Four state-owned banks that remains unlisted. It was incorporated as a joint-stock company with a registered capital of RMB 260 billion in January 2009.