China’s biggest bank in terms of assets has entered an official cooperative partnership with the Chinese central bank’s clearing platform.
The Industrial and Commercial Bank of China (ICBC) and NetsUnion Clearing Corporation (NUCC) (网联清算有限公司) executed a comprehensive strategic cooperative agreement in Beijing on 28 November.
The agreement will see the parties “established cooperative relations at a strategic level based on long-term, healthy cooperation in the area of online payments, to add new vitality to the consumer economy.”
Key areas for cooperation between ICBC and NUCC will include retail payments, public services, cross-border payments and “daily finance,” as well as rural finance, financial inclusion and the Belt and Road initiative.
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