Fujian-based joint-stock lender Industrial Bank Co. has entered a strategic partnership with Chinese telecoms giant Huawei to upgrade its fintech capabilities.
Industrial Bank and Huawei executed a comprehensive strategic cooperative agreement on 8 June in the southern Chinese tech hub of Shenzhen.
Under the agreement the two parties will “undertake in-depth cooperation on the foundation of their respective core competitive capabilities, in the areas of scenario finance, industrial finance, the development of digital infrastructure, tech innovation, talent incubation and comprehensive financial services.”
Industrial Bank and Huawei plan to conduct in-depth research into 5G, artificial intelligence, blockchain, cloud computing and big data technology, as well as establish a joint fintech innovation laboratory.
They will also engage in in-depth research and cooperation in the areas of integrated data centres, distributed technology centres, and the Industrial Internet of Things.