Alibaba, Ant Financial and Industrial and Commercial Bank of China signed an agreement in Beijing to fully enhance their strategic cooperation.

With the cooperation, Alibaba and ICBC will launch a new cooperation partnership in which they will become each other's scenario, ecology and customer. Based on their existing cooperation, the two parties will realize further openness and sharing in financial business and fintech sector to achieve win-win cooperation.

In the financial business sector, the two parties will continue to optimize cooperation model focusing on customer experience. They will explore in-depth cooperation in electronic payment settlement, cross-border financial cooperation, and scene finance.

In regards to fintech, they will enhance exploration in key technological sectors like data intelligence and financial technology to accelerate joint innovation of financial products via digital technology.

Zhang Yong, chairman and CEO of Alibaba Group, said that Alibaba and Ant Financial have been grateful to ICBC. Back in March 2005, Alipay and ICBC's online banking payment business reached cooperation to jointly provide online payment services to users, making ICBC their first online payment partner among banks in China. The cooperation of Alibaba and ICBC is built on trust.