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How did the Chinese government react to this? In March 2008, China's top financial regulator, CFI, officially banned the use of mobile banking in China. This ruling would allow both Chinese firms and U.S. companies to make mobile banking connections, but without any Chinese bank officials or bank officials of other countries directly involved in the transaction. The government has repeatedly threatened U.S. companies to cease any kind of cooperation with Chinese mobile money companies in a bid to stem the growing mobile banking market. This ban has resulted in the closure of all of Apple and Google's operating rooms in China. China, however, is not a part of these companies' China operations, thus not affecting their business operations and sales operations. As a result, Apple still maintains an ongoing business relationship with Songhua Bank China, despite the government's ban on the company. Why are Chinese banks so concerned?
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