Banking giant makes pact with Ant Financial, Alibaba - Mobile World Live

Banking giant makes pact with Ant Financial, Alibaba

17 DEC 2019

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.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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