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Agricultural Development Bank of China
Company

BoCom reaches comprehensive strategic co-op with Alibaba, Ant Group

September 18, 2020


Abstract : Bank of Communications (BoCom), one of China's largest commercial banks, signed a comprehensive strategic cooperation agreement with Alibaba Group and Ant Group in Hangzhou on Wednesday.

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BEIJING, Sept. 18 (Xinhua) -- Bank of Communications (BoCom), one of China's largest commercial banks, signed a comprehensive strategic cooperation agreement with Alibaba Group and Ant Group in Hangzhou on Wednesday. 

The comprehensive upgrading of the strategic partnership has not only consolidated the trilateral cooperation over the years, but also represented the common expectation from internet companies and commercial banks for the win-win prospect of fintech innovation.

According to the agreement, the three parties will give a full display of their respective advantages and integrate resources in platforms, customers, markets, channels and technology, striving to become a model of in-depth cooperation between internet companies and financial institutions, optimize the efficiency of digital transformation and provide better services to customers.

The three parties will try to achieve an all-around cooperation in financial services, payment business and digital financial scenario expansion, fintech and market innovation.

The three parties have reached a consensus that they will closely follow the two keywords of "integration" and "high quality," and strengthen innovative cooperation in the construction of the demonstration zone of green and integrated ecological development of the Yangtze River Delta, sharing of public services, small and micro enterprise financing, and industrial digitalization and intelligent transformation. 

Ren Deqi, chairman of the BoCom, noted that the move marks an important step for the bank to embrace fintech and digital transformation. BoCom expects to work with Alibaba Group and Ant Group to create new service models, innovate product forms, and improve the efficiency to serve the real economy.

Digital technology will enable financial institutions to provide better services to the real economy and allow more ordinary customers and small and micro enterprises to benefit from it, said Jing Xiandong, chairman of the Ant Group. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

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Keyword: Bank of Communications

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