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Ant Financial, Shanghai Pudong Development Bank partner on digital push

China's Ant Financial Services Group and Shanghai Pudong Development Bank Co. Ltd. entered into a strategic cooperation agreement to support the latter's digital transformation, The Asian Banker reported May 30, citing Ant Financial Executive Chairman and CEO Eric Jing.

Under the agreement, both companies will work together in online risk management, including fraud prevention. The Alibaba Group Holding Ltd. affiliate will offer technological support to help the bank prevent loan, transaction and marketing fraud.

The agreement will also utilize the Ant Financial's financial-grade technologies in artificial intelligence, supply chain finance, biometric identification and risk management.

In addition, the partnership will enable Ant Financial and the Chinese lender to enhance their collaboration on a wide range of inclusive finance initiatives, such as improving user experience while using online and offline payment services and offering secure financial services for small and micro-sized businesses.

Ant Financial had also signed similar agreements with Hua Xia Bank Co. Ltd. and China Everbright Bank Co. Ltd., the report noted.