The bank will leverage the firm’s tech expertise in AI, supply chain finance and biometric identification.
Shanghai Pudong Development Bank has tapped on Ant Financial for its digital transformation programme particularly in areas of online risk management and other various finance initiatives.
The partnership comes at the heels of Ant providing similar technological services to China Everbright Bank and Huaxia Bank.
The Alibaba tech affiliate will help the bank prevent loan, transaction and marketing fraud and will also leverage Ant’s technologies in AI, supply chain finance, biometric identification and risk management.
"Ant Financial and SPD Bank share the same vision for the future. With this partnership, we will explore how to improve efficiency in banking operations, as well as how to leverage technology to create greater value for our users," said Ant Financial CEO Eric Jing.
The partnership will also strengthen inclusive finance initiatives and improve the bank’s user experience in online and offline payment services.
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