Source: Ant Financial
Ant Financial Services Group (“Ant Financial”) has signed a strategic cooperation agreement with China Everbright Bank Co., Ltd (“China Everbright Bank”) and Everbright Technology Co., Ltd. (“Everbright Technology”), a fintech subsidiary of China Everbright Group, to facilitate China Everbright 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.
Speaking at the Ant Fortune Open Platform Conference in 2017, Ant Financial Executive Chairman and CEO Eric Jing said, “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.”
Ant Financial’s technology-based solutions allow financial institutions to deliver services, from payments to risk management, efficiently and at scale. In payments, for instance, Alipay, the mobile payment and lifestyle platform under Ant Financial, was comfortably able to process a record breaking 256,000 transactions per second at the peak of the 2017 Single’s Day Shopping Festival.
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.