China CITIC Bank, Ant Financial ink strategic deal

China CITIC Bank Co Ltd and Ant Financial signed a strategic partnership agreement on Thursday to share resources and promote innovation in financial products and services.

Leveraging on their advantages in green finance, inclusive finance, financial technologies and new retail, China CITIC Bank, a listed national joint-stock commercial lender, and Ant Financial, the fintech affiliate of Alibaba, will strengthen interconnectivity and establish a long-term, stable and mutually beneficial strategic partnership, according to the bank.

Their cooperation started from the express payment service of Alipay, the online payment service provider of Ant Financial, and both parties have become each other's major partner in terms of cross-border financing, retail banking, fund custody and e-banking.