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Payments General

Ant Financial to take part of SPD Bank digital transformation

Wednesday 30 May 2018 | 01:08 PM CET

Ant Financial has signed an agreement with Shanghai Pudong Development Bank to support the bank’s digital transformation. 

Ant Financial and SPD Bank will partner in online risk management, including fraud prevention, with the former providing technological support to help the latter prevent loan, transaction and marketing fraud. The partnership will also leverage Ant’s financial-grade technologies in AI, supply chain finance, biometric identification and risk management.

In addition to sharing technological capabilities, the partnership will allow Ant Financial and SPD Bank to further the collaboration on a broad range of inclusive finance initiatives, from boosting user experience while using online and offline payment services, to providing secure financial services for small and micro businesses.

In addition to the bank partnerships announced this month, Ant Financial’s consumer finance service Huabei announced that it would partner with financial institutions to provide consumer financing solutions, while Alipay added two new third-party money market funds to the Yu’e Bao spare cash management platform.

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