OREANDA-NEWS. November 29, 2011. Agricultural Bank of China Limited (ABC) signed a framework agreement of strategic cooperation with Alibaba Group in Beijing. Mr. Xiang Junbo, Chairman of ABC, Mr. Zhang Yun, Vice Chairman and President of ABC, Mr. Guo Haoda, Vice President of ABC, Mr. Ma Yun, Chairman of the Board of Directors and CEO of Alibaba Group, Ms. Peng Lei, CPO of Alibaba Group and CEO of Alipay were present at the signing ceremony, reported the press-centre of ABC.

After 60 years' development, ABC has become a large modern financial enterprise with complete service functions, strong overall strength, favorable brand image and a network covering urban and rural areas. Committed to creating a convenient online business channel for all, Alibaba Group has provided services for internet users in more than 240 countries and regions and possesses a world leading e-business company for small enterprises and a third-party online payment platform with the largest market share. As early as in 2005, ABC and Alibaba carried out their comprehensive cooperation, which will be further strengthened by this strategic cooperation agreement.

In his address, Mr. Xiang Junbo pointed out that ABC would provide financial services for Alibaba Group with its financial resources to further build up a fund settlement network and deepen the two parties' cooperation in payment and settlement. By probing into new integration models of traditional financial operation and internet economy, the parties would carry out close cooperation in building fund settlement networks, deepening cooperation in e-payment operation, and promoting resource sharing and financial services for small and medium enterprises, so as to provide better financial and e-commerce services for existing and potential customers.

In his address, Mr. Ma Yun mentioned that the cooperation between the parties could build a healthier environment for finance, which was the core and vessel of economic development. With the parties' strategic development, a more complete fund settlement network would be built, delivering safer and more convenient payment services for consumers. It would benefit users of both debit cards and credit cards, whether adopting online payment or mobile payment. Besides online shopping, the two parties would cooperate in other fields such as insurance and wealth management, logistics and fee/charge payment, bringing more convenient life services to users by electronic means.

Moreover, ABC also signed with Alipay (www.alipay.com) the Framework Agreement of Strategic Cooperation between Agricultural Bank of China Limited and Alipay. Persons in charge of relative departments of ABC and leaders from Alipay and Alibaba Financial were present at the signing ceremony.