Alipay (China) Technology Co. Ltd. has expanded the scope of its existing collaborative agreement with China Everbright Bank Ltd., the companies announced earlier this month.
Both companies began working together in 2008, when Alipay offered credit card repayment services for Everbright’s cardholders. They later extended the partnership to include Alipay processing e-commerce transactions, utility bill payments and other online payments for the bank’s customers.
Under the latest agreement, customers would be able to use Alipay to purchase the bank’s wealth-management products, such as mutual fund packages or investment advisory services, a spokesperson for the third-party payment provider tells PaymentsSource.
“In addition, the two parties will deepen their cooperation in the fields of financial planning, micro loans and other aspects to provide the customers a comprehensive financial-services portfolio,” he adds.
Nearly 100 million customers of Beijing-based Everbright use Alipay to make payments toward utility bills, credit cards and purchases, according to the spokesperson.
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