One of China’s big six state-owned banks is teaming up with a leading tech giant to engage in fintech cooperation.
Bank of Communications executed a strategic cooperative agreement with telecommunications giant Huawei on 6 May according to a report from Zhitong Caijing.
Under the agreement BoCom and Huawei will engage in “comprehensive in-depth cooperation” on cloud computing, big data, artificial intelligence, ICT infrastructure development and technical research using Huawei’s R&D platform, as well as pursue “multi-vector, multi-tier human resource development cooperation.”
BoCom said that it had entered a key phase of development for “smart transformation,” and hoped to engage in further technical cooperation with Huawei with regard to digitization and smart banking.
BoCom also hopes to the in-depth integration of big data, artificial intelligence, cloud computing and mobile internet with banking applications, in order to make it a “forerunner” in the fintech era.