The fintech unit of e-commerce giant JD.com has entered a strategic cooperative agreement with Hong Kong-listed regional lender Jinshang Bank (晋商银行).
On 11 June JDD and Jinshang Bank executed a strategic cooperative agreement in the Shanxi province capital of Taiyuan, to engage in “comprehensive cooperation in the areas of asset management technology, asset management platforms, private clouds, credit card digitisation, online retail loans, bills discounting, the blockchain and smart service robots.”
The agreement marks a continuation of an existing cooperative relationship which saw Jinshang Bank and JDD issue a joint credit card at the end of April 2019 – the “Jinshang Bank JDD Joint Credit Card” (晋商银行京东金融联名信用卡).
In its opening month over 100,000 cards were issued, while at present over 550,000 cards are in circulation, providing 13.3 billion yuan in consumer credit.
Jinshang Bank was established in the Shanxi province capital of Taiyuan in October 1998 and listed on the Hong Kong Stock Exchange on 18 July 2019.
As of the end of 2019 its total assets were 247.571 billion yuan, with a debt balance of 155.322 billion yuan and a loan balance of 115.483 billion yuan.
In 2019 Jinshang Bank ranked 421 on a list of the 1000 top banks in the world compiled by UK publication The Banker.