One of China’s big state-owned banks has entered a strategic agreement with the country’s leading e-commerce and fintech outfits for deeper cooperation in the area of online finance.
On 24 August Bank of China (BOC) executed a “comprehensive in-depth strategic cooperative agreement” with Alibaba and Ant Group in Hangzhou.
Under the Agreement the three parties will “accelerate the establishment of a new Internet + finance cooperative development ecosystem.”
According to the Agreement the parties will “integrate resources including platforms, users, markets, channels, data and technology, and strive to become a model for Internet companies and financial institutions engaging in in-depth cooperation in the era of the digital economy.”
On the foundation of existing cooperation, BOC, Alibaba and Ant Group will “upgrade cooperation” in areas including traditional finance, personal digital finance, fintech and market innovations.