Alibaba Finance, the financial arm of Alibaba Group, launched a Jubaopen, a service dedicated to help traditional banks that lack e-commerce and online payment technology supports to develop these businesses, according to Yuan Leiming, manager of Alibaba Microfinance Department.

Jubaopen is based on the computing ability of AliCloud, enabling banks to gain quick access to online payment systems which are developed by mature banking system developers. Alibaba only provides services for networks, security management, computing and analysis so as to lower the entering threshold of e-commerce for small- and medium-sized banks.

Currently cooperating with five banks, Jubaopen is in discussions with 20-30 banks to expand business. The project is focused on small- and medium-sized banks, because they bear much more economic pressures from early-stage equipment investments compared with large banks.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.