While China looks for new sources of growth, finance is becoming an unexpected supporter of the nation’s commercial space initiatives.
Banks typically don’t construct space equipment, but in China, financial institutions are now renting satellites, investing in rocket companies, and even launching their own spacecraft.
While banks in other regions usually obtain satellite images as a purchased “alternative data” source — for purposes ranging from tracking crops and supply chains to evaluating climate and credit risks — Chinese financial institutions are taking it a step further by launching satellites under their own names.
China Merchants Bank (CMB) launched a satellite on January 16 from Shandong province in eastern China, marking its third such launch following previous ones in December 2024 and March 2025.
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The CMB has stated that satellite data can assist in monitoring market trends, enhance risk control, and provide clients with more accurate financial solutions and services.
The Shanghai Pudong Development Bank (SPDB) launched its initial satellite into space on January 16 from Shandong.
As SPDB joins the launch, three Chinese financial institutions now have satellites in space. Ping An Bank, part of Ping An Insurance (Group), deployed its third satellite in August 2022, which included what it called the first earth observation imaging satellite within its initiative.
The actions demonstrate Beijing’s larger effort to develop the commercial space industry as China looks for fresh sources of growth in the face of a slowing economy and increased global political conflicts.
Banks have also been investigating risk management solutions powered by satellite technology for many years.
In 2020, Zhejiang E-commerce Bank, backed by Ant Group and commonly referred to as MYbank, started implementing the Tomtit satellite remote-sensing technology for agricultural financing. Ant is the financial technology division of Alibaba Group Holding, which owns the Post.
By utilizing leased satellites, MYbank stated that the system attained an accuracy level of 93 percent or higher, enabling 1.81 million farmers to access credit loans without needing collateral, as mentioned on its official website.
China has included aerospace among its key industries in the most recent five-year economic development strategy extending to 2030, as the world’s second-largest economy aims to boost growth driven by innovation.
The United States and China are the leading nations in the aerospace sector. According to information from Gunter’s Space Page, in 2025, the US carried out 180 orbital launches, while China had 93.
During the last week of 2025, China submitted a request to the International Telecommunication Union to deploy approximately 203,000 satellites, marking the nation’s most significant international application so far, as reported by mainland media.
“It’s yet another U.S. competition narrative — SpaceX’s achievements have increased the pressure on China to keep pace,” said Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank.
Since the financial industry is one of the few sectors with substantial capital reserves and extensive big data usage, Ng mentioned that continued demand from lenders will drive the expansion of China’s aerospace industry.
In addition to satellite launches, CMB supported LandSpace in 2024. The private company focused on reusable rockets is aiming for an initial public offering worth 7.5 billion yuan (US$1.08 billion) on Shanghai’s Nasdaq-like Star Market, potentially becoming the first aerospace firm listed in mainland China.
State-run banks, including the Industrial and Commercial Bank of China and the Bank of China, mentioned in their mid-year reports from the previous year that they are utilizing satellite technology to enhance risk assessment for loans connected to agricultural projects.
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This piece was first published in the South China Morning Post (www.scmp.com), a top news outlet covering China and Asia.
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