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Article: Alibaba Group (HKG:1688) Forms Strategic Alliance with Bank of China (HKG:3988) on Online Payment

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abnnewswire.net
Article date:
July 23, 2009
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Alibaba Group (HKG:1688) and Bank of China Holdings Limited (HKG:3988)(Bank of China) today formed a long-term strategic alliance to collaborate on several e-commerce initiatives including online payment, international business cooperation, small business financing and joint marketing.

Under the terms of their alliance, Alibaba Group and Bank of China 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.

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