Bank of Beijing has entered into a strategic cooperation agreement with Chinese internet firm Tencent Holdings.
Under the agreement, BoB will extend a sum of CNY10bn ($1.6bn) credit line to the Shenzhen-based technology company to help the firm better compete in online finance with rival Alibaba.
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The partnership will focus on the bank’s Jingyitong initiative which will allow customers to use chip-enabled cards at hospitals to obtain medical care and pay small medical fees via Tencent’s instant messaging mobile application WeChat.
Tencent began trial operations of its WeBank service to issue loans to individuals and small and medium-sized businesses in January 2015.
The service is endorsed by the government of China, which is gradually opening the banking sector dominated by state-owned giants.
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