Ant Financial powers Shanghai Pudong Development Bank’s digital overhaul
Ant Financial says this agreement is the third of its kind announced this month, following deals with Huaxia Bank and China Everbright Bank.
The latest deal with SPD will see Ant Financial helping with online risk management, including fraud prevention – and artificial intelligence (AI), supply chain finance and biometric identification.
“Ant Financial and SPD Bank share the same vision for the future. With this partnership, we will explore how to improve efficiency in banking operations, as well as how to leverage technology to create greater value for our users,” says Eric Jing, executive chairman and CEO of Ant Financial.
In addition, Ant Financial says they can “strengthen collaboration” on a range of inclusive finance initiatives. These include improving user experience while using online and offline payment services, for small and micro businesses.
It doesn’t have other details to share, so Ant Financial goes over its recent accomplishments.
This month, 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.
Also this 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 and its partners have 800 million users worldwide. Brands under Ant Financial include Alipay, Ant Fortune, Zhima Credit and MYbank.