One of China’s big six state-owned banks has entered a strategic cooperative agreement with the fintech subsidiary of a leading Chinese e-commerce platform.
On 15 October Postal Savings Bank of China (PSBC) and JD.com subsidiary JDD (京东数字科技集团) executed a comprehensive strategic cooperative agreement in the Chinese capital of Beijing.
Under the agreement PSBC and JDD will engage in cooperation in the areas of joint credit cards, digital sales, consumer finance, electronic payments and micro and small-enterprise loans.
The strategic cooperation will seek to “jointly advance financial digitisation transition,” with a focus on areas including personal finance, corporate finance, asset management and fintech.
PSBC is one of China’s big six state-owned banks, with nearly 40,000 branches around the country, and has provided its services to over 600 million customers. PSBC has recently emphasised its positioning as a provider of banking services to small and medium-sized enterprises, while also accelerating its digitisation drive.
JDD is the fintech subsidiary of e-commerce giant JD.com, and focuses on emerging technologies including big data, artificial intelligence, cloud computing and the blockchain.