Postal Savings Bank of China Enters Fintech Innovation Agreement with Ant Financial

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China’s recently anointed sixth big state-owned bank has entered a cooperative agreement with fintech giant Ant Financial.

Postal Savings Bank of China (PSBC) announced on Wednesday that it had executed a strategic cooperative agreement with Ant Financial, with the goal of “further strengthening cooperation in the areas of financial operations and fintech.”

Key areas of focus for cooperation between the two parties will include electronic payments and settlements, online lending, rural finance, ETC issuance and corporate finance.

The agreement will also see the joint establishment of a lab for the exploration of new fintech innovations, as well as collaboration in areas including digitized banking and internet security.

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