Ant Financial Builds Out Core Banking Tech Offer with Hoperun Information Technology
Ant Financial, a subsidiary of Alibaba, is affirming its ambitions to become a trusted banking software supplier for the world’s major players. The China-based fintech has launched a new core banking platform co-developed with Hoperun Information Technology.
The Distributed Core Banking Platform (DCBP) aims to help financial institutions tackle digital challenges such as distributed development, financial product management and accounting liquidation. It has successfully completed the pilot stage after running in the core computing systems of several banking partners.
Building on Ant Financial’s bPass (Business Platform as a Service Architecture), the platform constitutes the next step in the fintech’s plan to become a key technology supplier to incumbent banks. It is the first of Ant Financial’s technology products to be developed in partnership with an external partner.
Chen Bin, president of Hoperun Information Technology, said: “Hoperun and Ant Financial share a deep understanding of the financial industry, which is why we were keen to join hands to develop DCBP. This solution will help empower financial institutions to customize new business applications and accelerate their innovations."
According to Ant Financial VP Liu Wiguang, this is the first of many technology partnerships for the company.
As of 2019, Ant Financial’s technology is being used at over 200 financial institutions, including over 100 banks, 60 insurance companies, as well as 40 wealth management companies and security brokerages.