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Tencent signs cooperation agreements with 2 Chinese banks

Tencent Holdings Ltd. signed separate agreements with Postal Savings Bank of China Co. Ltd. and Agricultural Bank of China Ltd. to cooperate in financial services and related technology.

The technology company and its internet banking unit, Shenzhen Qianhai Weizhong Bank — better known as WeBank — signed a pact with Postal Savings Bank of China to deepen ties in areas such as internet finance, consumer credit and supply chain finance, according to a June 14 release.

In another same-day statement, Tencent and Agricultural Bank of China said they aim to cooperate in-depth in digital banking, smart city and rural eco-environment construction, among other things.

Tencent had also recently agreed to cooperate with China Life Insurance (Group) Co. in similar fields of operations.