Bank of China and the Chinese B2B e-commerce group Alibaba have signed a comprehensive strategic cooperative agreement to jointly provide e-commerce value-added services to customers.
Under the agreement, the two parties will implement cooperation for online payments; international business expansion; financing for small and medium-sized enterprises; and digital marketing. BOC will provide support to Alibaba Group and its online payment subsidiary Alipay.
The signing of this agreement marks a new stage of the two parties' cooperation in areas such as building of a credit system, credit card innovation, and international business innovation.
According to the latest statistics published by China Internet Network Information Center, by June 30, 2009, the number of netizens in China had reached 338 million. As one of the largest e-payment platforms in China, Alipay had gained over 200 million users by July 6, 2009, and Taobao.com, Alibaba's Internet shopping subsidiary, realized sales of CNY99.96 billion in 2008.