State-owned investment company CITIC Group has announced the launch of a cooperative partnership with leading e-commerce and fintech players Alibaba Group and Ant Group.
CITIC Group executed the agreement for comprehensive strategic cooperation with Alibaba Group and Ant Group at a signing ceremony held in Hangzhou on 14 September.
Under the agreement the three parties will “fully integrate their respective advantages and resources to upgrade business cooperation,” for the joint establishment of a financial inclusion and Industrial Internet of Things (IoT) cooperative ecosystem.
This will involve upgrading pre-existing cooperation between the three parties in the areas of comprehensive financial services, cash management and asset management services, financial inclusion operations, personal digital finance, digital infrastructure development and industrial and healthcare operations.
In the area of fintech the parties plan to pursue a long-term R&D partnership that will encompass digitisation and financial product innovation.
Zhu Hexin (朱鹤新), chair of CITIC Group, said that in future it would vigorously drive its subsidiaries to deepen strategic cooperation with Alibaba Group and Ant Group in the areas of financial services, the digital economy and Industrial IoT.