China UnionPay, a major major Chinese mobile payment company, and online insurer Zhong An Insurance have signed a comprehensive strategic cooperation agreement to create a consumer finance ecosystem.
The two companies will combine their respective advantages in such fields as payments and FinTech to raise the standards of services for consumers.
Based on the leading position of UnionPay in the payments industry, Zhong An will access UnionPay's network and support mobile payment products such as UnionPay QR code, UnionPay mobile payment and WAP payment by UnionPay to provide users with a more convenient comprehensive payment service.
At the same time, the two parties will join hands with a number of banks to help build multi-faceted consumer financial service systems.
Zhong An will provide premium consumer financial services to UnionPay cardholders as well as competitive insurance solutions to UnionPay merchants.
UnionPay and Zhong An will also explore forward-looking technologies such as blockchain, big data and artificial intelligence.