Chinese banks join the space race with satellite launches and rocket backing
As China seeks new engines of growth, finance is emerging as an unexpected backer of the country’s commercial space ambitions
Banks do not usually build space assets, but in China, lenders are increasingly leasing satellites, funding rocket firms and even launching spacecraft of their own.
While banks elsewhere typically use satellite imagery as a purchased “alternative data” feed – for everything from monitoring crops and supply chains to assessing climate and credit risks – Chinese lenders are going further by putting satellites into orbit under their own names.
China Merchants Bank (CMB) launched a satellite on January 16 from Shandong province in eastern China, its third after earlier launches in December 2024 and March 2025.
CMB has said satellite data can help it track market dynamics, strengthen risk management and offer customers more precise financial products and services.
Shanghai Pudong Development Bank (SPDB) also sent its first satellite into space on January 16 from Shandong.
With SPDB joining the launch, three Chinese lenders now have satellites in orbit. Ping An Bank, the banking unit of Ping An Insurance (Group), launched its third satellite in August 2022, including what it described as the first earth observation imaging satellite under its programme.
The moves reflect Beijing’s broader push to cultivate commercial aerospace as China searches for new growth engines amid a slowing economy and heightened geopolitical tensions.