China Construction Bank and Tencent to Develop Fintech Lab in Shenzhen

Posted on 04/07/2019

State-owned China Construction Bank Corporation (CCB) and Tencent Holdings Limited are building a financial technology lab in Shenzhen. The lab will be managed by Tencent’s cloud business unit and will look at themes such as big data and artificial intelligence.

In May 2017, CCB formed a financial technology cooperation agreement with Ant Financial Services Group (formerly known as Alipay). Alipay’s technology is being used by CCB to grow the issuance of online credit cards and other services. In 2017, Alipay handled more payments than Mastercard Corporation.

In May 2018, Ant Financial inked a partnership deal with China Everbright Bank on financial technology development.