Chinese telecom operator China Mobile has finally published an official announcement, confirming that it will invest CNY39.8 billion to acquire a 20% stake in Shanghai Pudong Development Bank.

Chinese financial services software provider Longtop Financial Technologies Limited announced it has completed the acquisition of Giantstone Information & Technology Ltd., a banking solution provider in China.

Chinese Internet shopping website Taobao.com has announced that it has cooperated with its sister company Alipay.com and Bank of China in the launch of a joint-brand credit card.

IBM's lending unit has signed a financing deal with Advanced Micro Devices and its distributor network to begin the flow of cash and credit in Tianjin Binhai New Area.

Chinese anti-virus solution provider Kingsoft says it will join hands with e-commerce service provider Taobao.com, online payment provider Alipay, and browser platform Maxthon to launch an online shopping security platform to meet the ever-increasing risks faced by online shoppers.

According to Ouyang Weimin, director of Payment System Department of the People's Bank of China, PBOC plans to issue licenses to Chinese online third-party payment platforms to bring more competition and a higher level of security into this industry.

China UnionPay and China Unicom have signed an agreement in Beijing to form a strategic partnership to implement comprehensive cooperation in the financial payment and communication service sectors.

Chinese financial services software firm Longtop Financial Technologies Limited announced its unaudited financial results for the quarter ended September 30, 2009, which is the second quarter of its fiscal year ending March 31, 2010, and showed increases in both revenue and profit.

By ChinaTechNews.com Editorial Team
One of the most common types of user-generated comments left on ChinaTechNews.com comes from angry buyers of electronics sold via the Internet by companies in China.

Chinese mobile phone maker Coolpad has formally joined the Near Field Communication Forum to distribute in near field wireless communication applications such as mobile phone payment.

According to South Metropolitan Daily newspaper, the personal data of more than 1000 employees of IBM Shenzhen has been disclosed and used to apply for credit cards.

Industrial and Commercial Bank of China has announced that with the cooperation with all the three major Chinese telecom operators, China Mobile, China Telecom, and China Unicom, it has formally launched its 3G mobile phone bank services.

China UnionPay, the top domestic credit card organization in China, is now accused of facilitating illegal cash advances.

The Beijing Administration for Industry and Commerce and the Beijing Consumers' Association said they received 96 complaints regarding e-commerce in March 2009, which was 1.46 times higher those received in the same period of last year, and the complaints accounted for 74.42% of the total Internet complaints received during the same period.

Offshore software development company VanceInfo Technologies Inc. will deploy an outsourced development center for China Merchants Bank.