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ABC And Alibaba Expand Online Payment Certificates
March 19, 2006 |
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The Agricultural Bank of China (ABC) has reached an agreement with Alibaba.com for a B2B online payments and individual users' online payments system.
Under their agreement, ABC will share with Alipay, a third-party payment platform affiliated with Alibaba, the digital certificate of individual users. By doing so, ABC has become the first bank in China to open and share the certificate with a domestic payment platform.
Through this cooperation, ABC will provide more comprehensive e-commerce services to thousands of medium and small enterprises of Alibaba and provide loans to them based on their credit with Alibaba.
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