Big six state-owned lender Postal Savings Bank of China (PSBC) is teaming up with Beijing-based e-commerce giant Meituan to create a “financial services ecosystem.”
PSBC and Meituan executed a comprehensive strategic cooperative agreement in Beijing on 11 August, as well as officially launched their “Postal Savings Bank of China-Meituan Debit Card.”
Under the agreement PSBC and Meituan will “combine their dual advantages in funds, networks, traffic, technology and premises to undertake in-depth cooperation in the areas of online financial services, credit cards, debit cards, personal loans and micro and small-enterprise financial services.”
The two parties will “actively drive financial services such as one-key linked cards, joint-name debit cards and joint-name credit cards, make full use of PSBC’s network advantages and Meituan’s living site advantages to jointly create integrated online and offline scenarios and elevate customer experience.”
With regard to fintech, the two companies will “make full use of big data and smart risk control technology and drive product and operating model innovations to provide higher-quality financial services to individuals and MSE’s.”
PSBC is one of China’s big six state-owned banks, with nearly 40,000 premises across China and a client base of over 600 million customers. The lender ranked 22nd on the 2020 list of the world’s top 1000 banks released by UK magazine The Banker.
Meituan is one of China’s most popular shopping and e-commerce platforms, covering over 200 product categories including dining, home food delivery, travel and accommodation and entertainment. Its platforms currently have around 450 million users, as well as 6.1 million active vendors.