Singapore's OCBC Bank is working with two Chinese corporations - technology giant Xiaomi and major SME lender Hanhua Financial Holding - to promote an integrated financial services model in China.
The three parties signed an agreement at the inaugural Singapore-China (Chongqing) Financial Summit 2018 in Chongqing co-organized by the Monetary Authority of Singapore, People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and Chongqing Municipal People’s Government.
Present at the signing ceremony in Chongqing were OCBC Bank’s Kng Hwee Tin, CEO of OCBC Wing Hang China, Xiaomi Finance’s Vice President for Strategy Cao Ziwei, and Hanhua’s Deputy Chairman Wang Dayong.
The first-of-its-kind venture between a Singapore bank and a major Chinese tech company will allow OCBC Bank to leverage on Xiaomi’s technological resources and capabilities as well as Hanhua’s knowledge of China’s financial services industry to deepen its presence in Greater China.
The collaboration aims to see OCBC Bank, Xiaomi and Hanhua combining their strengths, networks, platforms and expertise to launch fintech innovations and collaborations to support each other’s business expansions in their core markets.
The three partners are looking to introduce an integrated platform that delivers differentiated service quality and operational efficiency in providing financial services throughout China. The new set-up will explore providing high quality consumer and financial services, in particular to Xiaomi’s more than 300 million retail customers and business partners.
The new alliance empowers OCBC Bank to further deepen its presence in one of its core markets, Greater China, as it leverages its partners’ capabilities and reach to drive further expansion of its onshore business in China. At the same time, OCBC Bank’s digital transformation efforts will be boosted by Xiaomi’s support as one of its strategic partners going forward.
First published in FinTech Innovation