Bank of China (BOC) on Monday signed a strategic cooperation deal with Chinese e-commerce giant Alibaba and fintech firm Ant financial to develop a new ecosystem in the internet and financial sectors.
According to the deal, the three parties will leverage their strengths to integrate resources such as platforms, clients, markets and technologies, and promote cooperation between internet companies and financial institutions.
The cooperation will involve spheres including traditional finance, fintech and marketing innovation while giving full play to internet technologies.
"This strategic partnership is a new start for banks and enterprises to deepen cooperation and achieve win-win results," said BOC president Liu Liange.
In order to intensify innovation in the fintech sector, joint laboratories will be set up to facilitate digitalization and intelligent transformation.