ICBC was the first bank to offer Alipay’s online payment services
The Industrial and Commercial Bank of China (ICBC) announced a collaboration with Alibaba Group and its affiliate Ant Financial to enhance its banking service. The companies aim to explore new services in such areas as global corporate finance and financial innovation.
ICBC intends to become the next-generation “smart bank,” having launched a new in-house fintech research institute in November.
Ant Financial gives financial institutions access to its technologies, including those in digital payments, risk control, blockchain-powered cross-border remittance, and cloud-based applications. Alibaba’s affiliate has partnered with over 200 banks, including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, and China Citic Bank.