Chinese Banks Step up Collaboration with Tech Companies in 2019

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Since the start of 2019 Chinese commercial banks have increasingly entered collaborative arrangements with tech companies to drive their fintech adoption strategies.

On 6 August Industrial Bank Co. executed a strategic cooperative agreement with Ant Financial, covering the areas of wealth management, financial inclusion, green finance, investment bank, consumer finance and fintech.

Industrial Bank president Tao Yiping (陶以平) said that the lender was currently in the process of “comprehensively driving” the creation of an open bank.

At least ten other commercial banks in China have entered collaborative arrangements with tech or fintech companies since the start of 2019, as fintech adoption increasingly becomes imperative for competition.

Time of agreement Bank Tech/ fintech company Cooperative Areas
9 July Industrial and Commercial Bank of China Tencent Cloud computing, big data, artificial intelligence, innovative financial services
26 June Everbright Bank Ping An Good Doctor Integration of healthcare and financial services, creation of a “healthcare + finance” ecosystem
12 June Everbright Bank Du Xiaoman Financial Smart voice robots, risk-control and anti-fraud, robo-advisory, smart sales, smart outlet conversion
4 June Bank of Bohai 360 Jinrong Payments and settlement, financial inclusion, retail finance, corporate finance
29 May China Zheshang Bank Ant Financial Fintech, financial inclusion, new retail, financial advisory and consulting
22 May Industrial Bank Suning Consumer finance, fintech
22 May Bank of Jiangsu China Unicom Creation of a “5G Innovation Lab,” exploration of artificial intelligence such as facial recognition, image recognition and voice recognition to “smart customer services.”
23 April Bank of Ningxia Huawei Data centre planning and creation; cloud computing and big data innovation
23 April Shanghai Pudong Development Bank Baidu, China Mobile Joint launch of the “digital person” development plan; upgrade of financial services capability
10 April XW Bank Kingsoft Cloud, Xiaomi Financial Creation of “new technologies,” “new scenarios” and eventually a “new model” for fintech

In addition to cooperation with tech companies, at least ten Chinese banks have launched their own fintech subsidiaries, including Industrial Bank, Ping An Bank, China Merchants Bank, China Everbright Bank, China Construction Bank, China Minsheng Bank, Huaxia Bank, Bank of Beijing, ICBC and Bank of China.

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