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China Everbright Bank partners with Ant Financial on digital transformation

Ant Financial Services Group entered into a strategic cooperation agreement with China Everbright Bank Co. Ltd. and its financial technology affiliate Everbright Technology to help the lender in the development of fintech, South China Morning Post reported May 23.

Under the agreement, the Alibaba Group Holding Ltd. affiliate will use its fintech capabilities to help the bank develop cloud computing, internet finance, mobile payment, artificial intelligence-driven applications, smart risk management systems, as well as biometric verification.

The three parties will also establish an innovation lab to incubate new fintech applications.