China Construction Bank announces strategic pact with Alibaba
The deal will allow Alibaba to sell the bank’s financial products through its Ant Financial platforms.
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 Fincancial platforms is prohibited, a new function allowing the bank to establish “wealth accounts” through the platform, could possibly circumvent the regulations.