Ant Financial partners with China Everbright Bank for digital transformation

Wednesday 23 May 2018 09:53 CET | News

Ant Financial has signed a strategic cooperation agreement with China Everbright Bank and Everbright Technology, to facilitate the bank’s digital transformation. 

Under the agreement, Ant Financial will share its financial-grade technological capabilities and knowhow with China Everbright Bank to help it develop private and hybrid cloud platforms, scalable open financial architecture, Internet finance architecture, and mobile architecture, as well as AI-driven applications, smart risk management systems, and financial-grade biometric verification.

On May 18, 2018, Huabei, Ant Financial’s consumer finance service, announced it would partner with various financial institutions, including banks, to provide consumer financing solutions. 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.

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Keywords: Ant Financial, China Everbright Bank, bank digital transformation, online banking, China
Countries: World