Alibaba Group has formed a long-term strategic alliance with Bank of China to collaborate on several ecommerce initiatives, including online payment, international business cooperation, small business financing and joint marketing.
The two companies will jointly develop the Alipay Card, a smart card to be issued by Alibaba Group's subsidiary Alipay, Asia's largest online payment platform, and a trust rating system. They will also roll out a small enterprise loan-assistance scheme and pursue credit card innovation and other innovations related to import-export and small businesses.
In early 2007, Alipay entered into cooperation with Bank of China to launch overseas payment service, enabling Alipay users to purchase products and services from hundreds of overseas merchants. Alipay expanded its cooperation with Bank of China in April 2009 by launching online banking services, which allows customers of Bank of China to enjoy the benefits of online shopping and utility bill payment via Alipay.
Bank of China is one of China's largest state-owned commercial banks with over 10,000 branch offices locally and 600 branch offices spanning 29 countries and regions across the world.
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Alibaba Group has formed a long-term strategic alliance with Bank of China to collaborate on several ecommerce initiatives, including online payment, international business cooperation, small business financing and joint marketing.