Ant Financial to support Shanghai Pudong Development Bank’s digital transformation
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Ant Financial Services Group (“Ant Financial”) has signed a strategic cooperation agreement with Shanghai Pudong Development Bank Co., Ltd. (“SPD Bank”) to support the bank’s digital transformation with Ant Financial’s technological capabilities. The agreement is the third of its kind announced this month between Ant Financial and established banks, following partnerships with Huaxia Bank and China Everbright Bank.
Ant Financial and SPD Bank will partner in online risk management, including fraud prevention, with the former providing technological support to help the latter prevent loan, transaction and marketing fraud. The partnership will also leverage Ant’s financial-grade technologies in AI, supply chain finance, biometric identification and risk management.
“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,” said Eric Jing, Executive Chairman and CEO of Ant Financial.
In addition to sharing technological capabilities, the partnership will allow Ant Financial and SPD Bank to strengthen collaboration on a broad range of inclusive finance initiatives, from improving user experience while using online and offline payment services, to providing secure, convenient and efficient financial services for small and micro businesses.
Last year at the 2017 Ant Fortune Open Platform Conference, Mr. Jing indicated that Ant’s technologies would be opened up to current and potential partners, with the only criterion being whether the partnership is innovative enough to deliver value to users.
The partnership with SPD Bank is just one example of how Ant Financial’s technologydriven solutions are enabling financial institutions to deliver inclusive services efficiently and at scale. In addition to the bank partnerships announced this month, also in May, Ant Financial’s consumer finance service Huabei announced that it would partner with financial institutions to provide consumer financing solutions, while Alipay added two new third-party money market funds to the Yu’e Bao spare cash management platform.
Questions & Answers
Q.What is the primary goal of the agreement between Ant Financial and SPD Bank?
What is the primary goal of the agreement between Ant Financial and SPD Bank?
The agreement aims to support SPD Bank's digital transformation using Ant Financial's technological capabilities. They will explore improving banking operations efficiency and using technology for user value.
Q.Which specific areas of banking will the partnership between Ant Financial and SPD Bank focus on?
Which specific areas of banking will the partnership between Ant Financial and SPD Bank focus on?
The partnership will focus on online risk management, including fraud prevention in loans, transactions, and marketing. It will also use AI, supply chain finance, biometric identification, and broader risk management technologies.
Q.How does this agreement relate to Ant Financial's broader strategy regarding other financial institutions?
How does this agreement relate to Ant Financial's broader strategy regarding other financial institutions?
This agreement is the third of its kind this month, following partnerships with Huaxia Bank and China Everbright Bank. It aligns with Ant's strategy to open its technologies to partners who can deliver user value.
Q.What inclusive finance initiatives will be strengthened through this collaboration?
What inclusive finance initiatives will be strengthened through this collaboration?
The collaboration will strengthen initiatives like improving user experience for online and offline payments. It will also focus on providing secure, convenient, and efficient financial services for small and micro businesses.
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