On October 20 the Postal Savings Bank of China (PSBC) officially rolled out its TV Banking service in Shanghai, becoming the first Chinese bank to launch this kind of service at a headquarters level.

PSBC initiated its TV Banking project in March this year. The service is based on the digital TV network of Oriental Cable Network Co., Ltd. (OCN) in Shanghai, allowing users to conduct banking business via their Set-top box and remote controller at home.

At present the system enables users to enjoy a wide range of banking services including account balance inquiry, money transfer, TV payment, credit card repayment, bill payment and products information browsing. More functions, such as foreign exchange trading, fund trading and personal loans, will be available at the second stage of the project.