The Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of assets, is now offering three-year term deposit services via Alipay, the digital lifestyle platform.
Alipay and ICBC have been collaborating since 2005 to offer online payment services to users. In January 2020, ICBC launched a one-year term deposit service via Alipay, enabling customers to purchase one-year term deposits directly through the platform. As of May, the bank has witnessed a sevenfold increase in the scale of the service.
The new three-year term deposit service has an annual interest rate of 3.79% and can be found on the Alipay platform under the name of Anxin Cun (Secure Deposits). The font size of the landing page has also been enlarged to ensure the service is easily accessible to elders.
ICBC is accelerating its digital transformation process to integrate more use cases for its users and provide more comprehensive services. In December 2019, ICBC, Alibaba Group and Ant Financial Services Group sealed a partnership to deepen their cooperation in fintech and financial services. Under the agreement, the three parties will work together more closely and improve the quality of fintech offerings by using smart technologies and product innovation.
