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China postal savings bank ties up with Ant Financial on fintech innovation

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Postal Savings Bank of China (PSBC), the state bank with the largest branch network, said it had signed a strategic cooperation agreement with fintech giant Ant Financial on Wednesday.

[BEIJING] Postal Savings Bank of China (PSBC), the state bank with the largest branch network, said it had signed a strategic cooperation agreement with fintech giant Ant Financial on Wednesday.

The pact with the Alibaba-backed financial firm will focus on areas such as digital payments, online lending, rural finance and corporate finance, the bank said in a statement sent to Reuters.

The partners will also set up a joint lab to explore fintech innovations, and extend tie-ups in areas such as internet security and taking bank branches digital.

REUTERS

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