China Mobile will partner with Shanghai Pudong Development (SPD) Bank to promote a range of products including mobile wallets and mobile finance.
The partnership could also cover charging and billing and mobile phone-based cash transfers, among other mobile payment functions. But there is, at the moment, an absolute limit.
The bank declined to provide details of the service, citing the need to maintain commercial secrecy, but a banking analyst said that currently China Mobile and SPD would only be able to partner on a service whereby once a customer sent money through SPD, China Mobile would notify the recipient via SMS.
Marbridge Daily reported the analyst as saying current regulations stipulate that as a telecommunications operator, China Mobile may not involve itself in financial services like savings and payment remissions.