Skytech, Ant Financial Sign Cooperation Framework Agreement

Chinese software, integrated system, and technical services provider Skytech announced that the group has signed a cooperation framework agreement with Alibaba’s online payment affiliate Ant Financial.

According to the agreement, the two parties will jointly build new type of smart city services across China. Skytech will be responsible for new smart city construction and realization and service interfaces; while Ant Financial will provide real-name authentication, payment, and credit functions to related government platforms.

At the same time, Skytech will integrate its advantages in the low-carbon information sector with Ant Financial’s various products to develop innovative Internet eco-applications to promote the development of new green smart cities.

The cooperation agreement is valid for three years and the two parties will sign specific cooperation contracts based on specific projects. The two parties can extend or re-sign the agreement after the current agreement is due.

Full financial details and ownership structures of the projects were not released.