Alibaba-backed Ant Financial signed a strategic cooperation agreement with the Postal Savings Bank of China which has the largest state-owned lender branch network.
The partnership will focus on areas such as digital payments, online lending, rural finance and corporate finance, according to a statement from the bank to «Reuters».
In addition, a joint lab will be formed to explore fintech innovations and further cooperation in other areas like internet security and digitalizing bank branches.
The move marks closer cooperation between Ant Financial and Chinese state entities which was widely expected following the recent acquisition of a significant stake by Alibaba. The e-commerce giant bought 33 percent of Ant Financial two months ago which, in return, will allow the latter fintech firm to save the 37.5 percent of pre-tax profit transferal to the former.
