China Everbright Bank to partner with Ant Financial's Alipay for fintech
Alibaba’s finance arm, Ant Financial, has signed a strategic cooperation agreement with state-backed China Everbright Bank’s fintech arm, Everbright Technology.
This will enable Everbright to progress with its digital transformation. The agreement means that Ant Financial’s Alipay technology capability will be used to help the bank develop cloud computing, internet finance, mobile payments, AI applications, smart risk management systems and biometric verification. The groups will also work on establishing an innovation lab.
Everbright stated of the agreement: “Fintech is becoming core competence for financial institutions in the pursuit of transformation and innovation.”
Earlier this month, it was announced that Huabei, the consumer branch of Ant Financial, would partner with various financial institutions including banks in order to develop consumer-facing solutions.
Huabei was launched in December 2014 and offers services to Alipay users for both online and offline purchases.
Ant Financial, which was previously called Alipay but was renamed in 2017 to reflect the various services including Alipay that it provides, is set to file an IPO by the end of the year. It is currently fundraising in the hopes of reaching $10bn in value prior to the flotation.