Updated: Aug 19, 2020
DiDi Finance, the fintech arm of mobile transportation firm Didi Chuxing, have today announced a strategic partnership agreement with the Bank of Shanghai.
Under the agreement, the two parties will join together in developing a diversified, digital financial services in industry and commerce, consumer financial services, product and dedicated online access. The two sides will also work on creating a digital finance ‘laboratory’ to explore new fintech-based digital financial service models.
Bank of Shanghai, with its operational network extending from the Yangtze River regions to all key urban clusters in China, ranks 73rd on the Banker’s Top 1000 World Banks List.
Didi Chuxing, also know as DiDi, is one of the world’s largest mobility platform by volume of transactions, delivering over 10 billion orders annually. DiDi Finance develops an expanding range of licensed financing, mutual protection insurance, payment, wealth management and other financial products through the main DiDi app to tens of millions of car-owners, drivers, riders and business partners in China.
Hu Debin, Vice President of the Bank of Shanghai, noted that the flourishing of online transactions during COVID-19 raised the bar for contactless financial services. Debin said: “DiDi not only provides various transportation services for hundreds of millions of users, but also makes notable efforts in the financial sector. Bank of Shanghai hopes to integrate its financial technology and innovation capability into the diversified service scenarios on DiDi’s platform, strengthen online and offline cooperation, and facilitate the digitalization of financial services.
“DiDi Finance is committed to working with partners in the broader financial ecosystem to build value-added financial solutions."
Alan Zhuo Yue, Vice President of Finance and Operation Management at DiDi and General Manager of DiDi Finance, said: “Bank of Shanghai is a recognized leader in the digital banking sector. We are equally committed to China’s program of systemic integration of digital technology with financial and industrial development. DiDi and Bank of Shanghai look forward to beginning financial innovation in the smart mobility sector and expanding soon into a broader range of efficient and convenient financial services for our users.”