China Development Bank Inks Tencent Fintech Deal

China Development Bank and Tencent signed a strategic cooperation agreement on “Internet plus” for development of finance services.

The term “Internet plus” refers to projects and businesses that connect various traditional non-Internet sectors with advanced technologies.

The two parties will work together in various sectors, including “Internet plus” poverty alleviation, Internet finance innovation, credit financing, technology innovation enterprise cultivation, and information technology applications.

For “Internet plus” poverty alleviation, Tencent will us its advantages in cloud computing, big data, social networking, and mobile payment to continue exploration with China Development Bank. The two parties will jointly promote new types of student loans to make up the shortage of financial services on campuses.

In addition, Tencent and China Development Bank will work together for platform construction, financial bonds, financial products, interbank deposit and lending, joint loans, and asset securitization to make the financial products more suitable for users in the “Internet plus” environment.

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