The state-owned Industrial and Commercial Bank of China (ICBC) has signed a deal with Microsoft for the supply of a security system for its online private banking service, according to a Reuters news report.
Terms of the agreement were not disclosed.
Reuters says the deal was signed during a two day visit to China by Microsoft chairman and founder Bill Gates, who met with Chinese banks and telecommunications firms. Gates is expected to sign a memorandum of understanding (MOU) with the country's second largest wireless operator, China Unicom, according to the report.
The firm has also signed a MOU with the Beijing Municipal Government and will invest US$2.2 million in a 'PC Innovations Lab' to be built in the city.
Microsoft says the lab will provide quality assurance and hardware and driver compliance testing to improve efficiencies of local manufacturers. It will collaborate with Chinese companies to jointly develop IP and bring to market PC technologies.