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PSBC and Meituan sign strategic partnership agreement to jointly develop financial service ecosystem
PSBC and Meituan sign strategic partnership agreement to jointly develop financial service ecosystem
| China Post |2020-08-13

On August 11, the Postal Savings Bank of China (PSBC) and Meituan, a large e-commerce platform, held a signing ceremony of comprehensive strategic partnership agreement in Beijing and officially launched PSBC and Meituan co-branded debit card. Zhang Jinliang, Chairman of PSBC, and Mu Rongjun, Co-founder of Meituan and President of its financial service platform attended the ceremony and witnessed the signing. Shao Zhibao, Vice President of PSBC, and Peng Qian, Vice President of Meituan, signed the agreement on behalf of both parties. Du Chunye, Vice President of PSBC, presided over the ceremony.

According to the agreement, PSBC and Meituan will integrate their advantages over fund, network, traffic, technology and scenarios, and carry out in-depth cooperation in online financial services, credit card, debit card, personal loan, and financial services for small and micro businesses. The two parties will actively promote financial services such as one click card linking, co-branded debit card, co-branded credit card and so on, and take full advantage of PSBC’s network and Meituan’s real life scenarios to jointly create online and offline integrated scenarios to improve customer experience. They will also make full use of big data and intelligent risk control technology to promote the innovation of products and services, thus providing individuals and small and micro businesses with better and more efficient financial services.

With nearly 40,000 business outlets and over 600 million individual customers, PSBC is committed to serving “agriculture, rural areas and farmers”, urban and rural residents and small and medium-sized enterprises, as well as the most dynamic customer group in China’s economic transformation. It has also been taking faster steps to transform into a new type of data-driven retail bank featuring coordinated channels, retail-wholesale integration and efficient operation. In 2020, PSBC ranks 22nd in Top 1,000 World Banks by Tier 1, according to British magazine The Banker.

As a leading e-commerce platform for life services in China, Meituan, taking “food” as its core business, is building a tiered science and technology service platform from the demand side to the supply side in the life service industry. With Meituan, Dianping, Meituan Waimai and other apps, it covers more than 200 categories of services including catering, takeout, hotel and tourism, leisure and recreation, serving 2,800 counties and cities in China. At present, the total number of annual active users of Meituan has reached 450 million, and the total number of active merchants on the platform has reached 6.1 million.

It is reported that in the future, PSBC will join hands with Meituan to integrate online and offline resources to jointly develop a financial service ecosystem, providing customers with more convenient and high-quality service experience, as well as providing more targeted and efficient financial support for small and micro businesses. It will go all out to boost the development of the real economy and contribute to the establishment of a new “dual circulation” development pattern where domestic and international markets can boost each other. 

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