Alibaba, Ant Group and BOC Sign MOU on Full-Scale Strategic Coop

Financials Aug 24, 2020 02:20 PM (GMT+8) · EqualOcean

Bank of China (BOC, 03988:HK)signed the strategic cooperation MOU with Alibaba (BABA:NYSE) and its affiliated fintech arm Ant Group (used name: Ant Financial). The traditional bank, as well as the tier-1 player in China, BOC intends to deepen its business reform via the alliance with China's biggest private fintech company Ant Group, the owner of AliPay. Inversely, the cooperation will help Alibaba to expand its influence to traditional banking industry.

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