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Ant Financial and ICBC extend commercial collaboration pact

Source: Ant Financial

Ant Financial and Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of assets, announced a collaboration as part of a comprehensive strategic partnership unveiled in December 2019.

The collaboration will enable merchants to collect payments via Alipay or the ICBC e-banking app, without the need for users to replace their existing payment collection QR codes. This feature has already been launched in pilot cities including Hangzhou, Chongqing and Guangzhou, and will be rolled out in more cities. ICBC is the first state-owned bank to work with Alipay to enable this feature.

With the common aim of leveraging technology to make financial services more convenient and inclusive for merchants and consumers, Alipay and ICBC began collaborating as early as March 2005 to offer online payment services to users. ICBC was the first bank in China to partner with Alipay to deliver online payments, demonstrating the bank’s innovation and inclusivity.

Ant Financial and ICBC will continue to work together to deepen ongoing cooperation in fintech. Ant Financial is committed to strengthening key fintech technologies and accelerating the innovation of financial products through digital technology to better support the real economy.

In 2015, Ant Financial announced an “Internet Booster” plan to support the digital transformation of traditional financial institutions by sharing Alipay’s technological capabilities, alongside its move to open up its payment services to a wide range of online and offline businesses. Ant Financial has been collaborating with banks since the birth of Alipay in 2004 and has since partnered with over 200 banking institutions.

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