BEIJING, May 29 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, recently launched a three-year deposit product on the country's leading digital payment platform Alipay, reported the Xinhua-run Shanghai Securities Journal.
This marked the fourth cooperation between the two sides since the start of this year.
In January, ICBC launched its one-year deposit product on Alipay. Data showed that the current scale of this time deposit product is seven times larger than that of the first month after the launch on Alipay.
In April, ICBC and Alipay launched a feature which enabled merchants to collect payments via either Alipay or the ICBC e-banking app without the need for users to replace their e-payment QR code.
Later, ICBC announced that consumers who bind ICBC credit card with Alipay for payment can get consumption points to exchange coupons.
These moves came as the results of the two sides' strategic partnership forged in last December. Under the partnership, the two sides would cooperate in the field of financial services such as electronic payment and settlement, cross-border finance, and scenario-based finance, and jointly explore the use of technologies to innovate financial products.
One factor contributing to the partnership was that ICBC pins hopes on the 1.2 billion user base of Alipay. Another was that ICBC has been speeding up digital transformation, which requires the application of emerging technologies such as big data and artificial intelligence to improve business efficiency, enhance risk management capacity and integrate financial products with life services, said the report. (Edited by Su Dan with Xinhua Silk Road, firstname.lastname@example.org)