Alibaba Enters 700 Million Yuan Cloud Computing Deal with China Insurance Group

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Alibaba has just entered the biggest ever deal for the development of a cloud computing platform in the Chinese financial sector.

On 1 June Alibaba Group and China Insurance Group (中华保险集团) signed a comprehensive cooperative agreement in Beijing, for “in-depth cooperation in areas including the development of new insurance core systems.”

Under the Agreement Alibaba’s Alibaba Cloud unit will work with China Insurance’s asset insurance unit Zhonghua Caixian (中华财险) to build a “next generation distributed insurance core system” to drive the “accelerated digital transition.”

The cooperative deal is worth nearly 700 million yuan, becoming the single largest financial cloud deal in China to date.

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