China Construction Bank Announces Strategic Pact with Ant Financial

Posted by Joachim Bartels | Apr 9, 2017 | Ant Financial Services Group (Alibaba), China, Investment Platforms | 0 |

Circumnavigating Regulations

Beijing Business Today reports that Alibaba and subsidiary Ant Financial have entered into a strategic partnership with China Construction Bank.

The partnership will allow Ant Financial to offer the bank’s wealth-management products through its Alipay and Ant Fortune platforms. Notably, Chinese media points out that such an arrangement has until now been prohibited in China.

However, an analyst familiar with the industry says that, while selling investment products directly through Ant Financial platforms is prohibited, a new function allowing the bank to establish “wealth accounts” through the platform, could possibly circumvent the regulations.

Source: atimes

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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