The Industrial and Commercial Bank of China (ICBC) partnered with Ant Financial and Alibaba to jointly develop a wide range of new financial technology services.
ICBC, which is one of the largest banks in China, is a long standing partner of both companies and was the first to offer compatibility with Ant Financial’s mobile payment service Alipay.
In a statement ICBC noted the closer relationship would allow the three to “explore new services on a broader scale”. Its focus areas include global corporate finance and “financial innovation”.
The bank is currently pushing its digital play and last month opened a financial technology research institute.
For Ant Financial, the partnership is the latest in a number of commercial deals with traditional financial institutions in China and other target markets as it looks extend both the scope and range of its services beyond mobile payments.Subscribe to our daily newsletter Back