The cloud unit of Chinese e-commerce giant Alibaba has entered a strategic cooperative relationship with Zhengzhou-headquartered regional lender ZY Bank (中原银行).
Alibaba Cloud and ZY Bank signed the strategic cooperative framework agreement on 28 May, at the 2021 Alibaba Cloud Summit held in Beijing.
Under the Agreement the two parties will “explore driving the implementation and application of Alibaba Cloud’s platforms, financial-grade distributed databases, data intelligence and other mature products and solution plans at ZY Bank.”
Alibaba Cloud will support ZY Bank in the “cloud conversion” of ZY Bank’s products and solution plans, with the goal of enabling “more financial institutions to borrow assistance from ZY’s experience and ZY’s capability.”
“Digitisation and transformation relate to the life and death, survival and demise of small and medium-sized commercial banks,” said Wang Jiong (王炯), president of ZY Bank.
“ZY Bank hopes to tie up with Alibaba Cloud and other cutting edge tech firms in the sector, to jointly share outstanding products, technologies, models and strategy.”
Hong Kong-listed ZY Bank was established in 2015 with over 300 billion yuan in assets, and as of the end of 2020 its assets had expanded to 757.483 billion yuan. In 2020 ZY Bank joined the ranks of Forbes‘ list of the world’s top banks in the China region, ranking third out of twenty.