Ant Group-backed digital lender MYBank has entered a strategic partnership with regional lender the Bank of Beijing to jointly step up their respective financial inclusion operations.
On 21 January Bank of Beijing and MYBank executed a strategic cooperative agreement in Beijing, for the purpose of “undertaking comprehensive cooperation in numerous operations.”
The strategic partnership will focus in particular upon micro-loans, supply chain financing, financial guarantee operations, investment banking and rural village financing.
Bank of Beijing president and party secretary Zhang Chening (张东宁) said that the lender is a “vanguard” in financial inclusion, while MYBank makes use of technology to resolve the financing difficulties of micro and small-enterprises.
“In future, Bank of Beijing and MYBank will strengthen the sharing of resources, establish comprehensive cooperation, and better coordinate the role of finance,” said Zhang.