The Industrial and Commercial Bank of China (ICBC), the world’s largest
bank in terms of assets, is now offering three-year term deposit
services via Alipay, the digital lifestyle platform.
In
January 2020, ICBC launched a one-year term deposit service via Alipay,
enabling customers to purchase one-year term deposits directly through
the platform. As of May, the bank has witnessed a sevenfold increase in
the scale of the service.
The new three-year term deposit
service has an annual interest rate of 3.79% and can be found on the
Alipay platform under the name of Anxin Cun (Secure Deposits). The font size of the landing page has also been enlarged to ensure the service is easily accessible to elders.
ICBC
is accelerating its digital transformation process to integrate more
use cases for its users and provide more comprehensive services. In
December 2019, ICBC, Alibaba Group and Ant Financial Services Group
sealed a partnership to deepen their cooperation in fintech and
financial services. Under the agreement, the three parties will work
together more closely and improve the quality of fintech offerings by
using smart technologies and product innovation.
With the common
aim of leveraging technology to make financial services more convenient
and inclusive for merchants and consumers, Alipay and ICBC have been
collaborating since 2005 to offer online payment services to users. ICBC
was the first bank in China to partner with Alipay to deliver online
payments.
Alipay is evolving as well, from a platform that
provides inclusive financial services to an open digital ecosystem that
offers users a gateway into a digital lifestyle. In March 2020, Alipay
announced a three-year plan to further open up its platform to support
the digital transformation of 40 million service providers across China
and unlock more growth opportunities.
No comments:
Post a Comment