International Finance Corporation (IFC), a member of the World Bank Group, has signed a memorandum of understanding with Alibaba affiliate Ant Financial to push for increased access to basic financial services. The partnership hopes to leverage digital platforms to increase access to banking services in China and other emerging markets, reports The Asset.
IFC executive vice president and CEO Philippe Le Houerou says that the partnership “will help deepen knowledge and create new markets for digital financial services to expand financial access and improve lives.”
IFC has since 2014 supported Ant Financial’s growth with knowledge sharing initiatives and other investments. The partners have also co-invested in financial institutions which offer financial services to under-served consumers.