CITIC, Alibaba, Ant Financial Sign Financial Inclusion Collaboration Agreement

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CITIC Group [0267:HK], Alibaba [BABA:US], and Ant Financial have signed a collaboration agreement to jointly establish a financial inclusion and IoT ecosystem and share resources in a fully integrated way, as reported by 36Kr on September 15. The agreement also focuses on improving current collaboration agreements related to financial services, cash management, personal digital finance, financial inclusion operations, and asset management services among others. The agreement also includes an R&D partnership in the fintech sector which focuses on digitalization and financial innovative products.

The move is the latest in a series of agreements signed between the three parties over recent years. In June 2018, China CITIC Bank and Ant Financial signed a collaboration agreement to promote financial products and services innovation and share resources related to green finance, inclusive finance, new retail, and financial technologies. The two firms also established each other as major partners for cross-border financing, fund custody, e-banking, and retail banking. In the same period, Alibaba and Ant Financial also signed similar collaboration agreements with China Everbright Bank [601818:CH] and Shanghai Pudong Development Bank [600000:CH]. Under the agreement, Ant Financial provided advanced financial technologies and consulting services to facilitate the digital transformation of the banks.

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