Chinese bank ICBC warns to close e-commerce platform Rong e-gou from June 30, 2022

According to Chinese media reports, ICBC Bank (Industrial and Commercial Bank of China) announced that due to business adjustments, the bank will stop providing services related to the Rong e-gou e-commerce mall from 24:00 on June 30th. If users need to redeem points, buy precious metals, and donate to public welfare, they can log into ICBC Mobile Banking for processing.


In addition to closing personal mall services, ICBC also announced that it will stop public sales, business district sales, cross-border trading and other related services in the e-commerce mall at 24:00 on June 30, and bill brokerage, ICBC centralized purchasing entrances , judicial auctions and other service functions have been moved to the main page of the ICBC portal.


According to public information, Rong e-gou is an e-commerce platform officially launched by ICBC on January 12, 2014. It has grown into an all-in-one e-commerce platform covering B2C, B2B and other businesses with a full range of features.


Rong e-go personal shopping mall integrates more than ten major categories, such as digital home appliances, automobiles, financial products, clothing, shoes and hats, food and beverages, jewelry and gifts, transportation and tourism, hundreds of famous brands and almost 10 000 best selling items.


"E-commerce shopping" was once considered a typical case of banks setting up an e-commerce business.

According to ICBC's annual report, from 2016 to 2018, the annual transaction volume of ICBC's "Rong e-gou" e-commerce platform was 1.27 trillion yuan, 1.03 trillion yuan, and 1.11 trillion yuan, respectively. In terms of the number of users, at the end of 2019, 146 million people used it.