Ant Financial lights up China Everbright Bank’s digital revamp
Under the agreement, Ant Financial says it will assist the bank to develop private and hybrid cloud platforms, open financial architecture, internet finance architecture, mobile architecture, artificial intelligence (AI) driven applications, smart risk management systems, and biometric verification.
Ant Financial executive chairman and CEO Eric Jing says: “Every aspect of the technology we have developed will one by one be opened up to current and potential partners. For us, the only criterion as to whom we partner with is whether that partnership is innovative enough to deliver value to users.”
Other details are thin on the ground, so Ant Financial runs through its recent accomplishments.
Last week, Huabei, Ant Financial’s consumer finance service, announced it would partner with various financial institutions, including banks, to provide consumer financing solutions. No names were provided.
Launched in December 2014, Huabei offers a revolving line of credit to Alipay users for online and offline purchases.
In the same month, Alipay introduced two new money market funds managed by Zhong Ou Asset Management and Bosera Asset Management to Yu’e Bao, a spare cash management platform within the Alipay app.
Ant Financial didn’t mention it, but last month it signed a declaration of intent with IFAD to explore ways to contribute to economic development in rural areas and the reduction of rural poverty in China and other developing countries.
Ant Financial and its partners have 800 million users worldwide. Brands under Ant Financial include Alipay, Ant Fortune, Zhima Credit and MYbank.