China's Bank of Communications recently reached comprehensive strategic cooperation with Alibaba Group and Ant Group.

According to the agreement signed by the three parties, they will further leverage on their respective advantages; integrate complementary and interoperate scenarios; integrate resources such as platforms, customers, markets, channels and technologies; and open up the full link of banking services, scenario rights and customer consumption.

Commenting on the cooperation, Bank of Communications' chairman Ren Deqi said that Bank of Communications, Alibaba Group and Ant Group have a common mission and vision. The comprehensive strategic cooperation is also an important step for the Bank of Communications to embrace financial technology and digital transformation. In the future, they hope to jointly establish new service models and innovative product forms with Alibaba Group and Ant Group to enrich the ecology and improve the efficiency of serving the real economy.

Jing Xiandong, chairman of Ant Group, said that the cooperation can complement their advantages and build a win-win cooperation ecosystem. The dividends of inclusive development brought by digital technology will make financial services better serve the entity and allow more ordinary users and small and micro enterprises to benefit from it.