Chinese e-commerce company Alibaba has set up a cloud computing service for the country's banks and securities firms.
At least eight banks including Xiamen Bank Co., China Bohai Bank Co. and Tianjin Rural Commercial Bank Co. are able to provide online payment services by using Alibaba's cloud computing service, according to a report by Bloomberg.
The Ju Baopen cloud platform is being targetted at smaller and mid-size banks as a means of cutting back on expensive hardware purchases and maintenance contracts.
The banks' online platforms will also be connected to Alipay, the company's third-party transaction system, says Bloomberg.