Standard Chartered Bank and Ant Financial to ink MOU

Monday 18 December 2017 10:44 CET | News

Standard Chartered Bank and Ant Financial Services Group have announced the signing of a Memorandum of Understanding (MOU).

Under the terms of the MOU, Standard Chartered Bank will combine its banking expertise and insights in emerging markets with Ant Financial’s industry leading TechFin capabilities, to increase access to financial services for clients based in countries along the “Belt & Road Initiative” route.

Standard Chartered Bank has been operating for more than 150 years in some of the world’s fastest growing economies, including many along the “Belt & Road Initiative” route. With around 1,000 branches and outlets in 65 countries and regions, 69% of its global footprint overlaps with the “Belt & Road” countries. The bank is an industry leader in RMB, SME and Retail financial services, and has been supporting Chinese companies to expand their operations globally with innovative financial products and services.

Ant Financial launched its globalization strategy in 2007. Today, Alipay, has more than 520 million active users, working with over 450 financial institutions and providing in-store payment services for Chinese tourists in more than 30 countries and regions. More than that, Ant Financial empowers its strategic partners in emerging markets, including India, Thailand, the Philippines, Indonesia, Korea and Malaysia, to provide inclusive financial services, such as e-wallet solutions for local populations.

Standard Chartered Bank has been working together with Ant Financial since 2012, in areas including funding settlement, FX services and Alipay wallet related solutions.

The MOU was signed following the 9th UK-China Economic and Financial Dialogue, which was held from December 15 to 16 in Beijing, China.

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Keywords: Standard Chartered Bank, Ant Financial, MOU, China, banking, financial services
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce