China banks in alliance to offer free online money transfers

Twelve Chinese commercial banks have signed an alliance allowing customers to transfer funds online and via mobile phones without being charged, state news agency Xinhua reported late on Thursday.

The members of the alliance include China Citic Bank, China Merchants Bank and China Everbright Bank.

The banks are hoping to attract more customers with the move, which is also aimed at helping lenders boost online security and combat fraud as they will be sharing information, Xinhua said.