Banking software and technology services provider Shenzhen Sunline Tech (Sunline) has signed a strategic strategic cooperation agreement with Tencent to offer intelligent finance solutions globally.

Additionally, Tencent also made a strategic investment of RMB400m ($63.42m) in Sunline to acquire a 7.14% stake in the company.

Both the companies agreed to launch a brand-new portfolio leveraging technological advantages of the two firms.

Under the arrangement, Sunline will leverage Tencent Cloud’s technology in cloud computing, big data and AI platform capabilities to help banks achieve ‘banking everywhere’ through seamless integration with social media and mini programs like WeChat, QQ etc,.

Sunline overseas business group CEO Matthew Chen said: “Sunline has a proven record in leading the China banking industry to go through digital transformation since 2002, from the first invention to launch China’s first JAVA SOA based core banking system to the first digital banking solutions for WeBank in 2014.

“We are confident that this new business collaboration will lead the traditional financial business model and propel bank services to the next level.”

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The company started expanding outside China two years ago and since then focused on providing technological advancements to enhance the financial industry especially in the sector of digital banking.