Hangzhou, Alibaba to deepen cooperation on digital economy

Hangzhou signed a cooperation agreement with Ant Group on May 16, marking another significant move by the city to enhance its digital economy capabilities.

The two sides previously signed a cooperation agreement in October 2020, which saw the global headquarters of Ant Group established in Hangzhou and efforts accelerated to build the city into the "leader of the digital economy" in China.

Under the new agreement, both parties are set to continue their collaboration and improve Hangzhou's digital economy.

According to the agreement, Hangzhou and Alibaba will work together in global financial technology innovation, data integration, the Asian Games, and digital governance.

For example, Hangzhou will support Ant Group in constructing a high-level platform for digital international trade and financial services. It will actively participate in organizing the Global Digital Trade Expo and work together to create a globally-leading financial technology industrial cluster and ecological demonstration zone.

Hangzhou will also support Ant Group in deepening its deployment of cutting-edge technologies, strengthening Alipay's support for the digital transformation of the service industry, and enhancing the capabilities of Ant Bank to provide digital inclusive financial services for small- and micro-sized enterprises.

The upcoming Hangzhou Asian Games will also witness the presence of Ant Group. Hangzhou will strengthen cooperation with Ant Group in the fields of "smart Asian Games" and "green Asian Games" and support the use of digital currency in all scenarios.