Alibaba Releases Ali Finance Cloud Service
China News, 11/28/13
Chinese e-commerce conglomerate Alibaba Group today announced the release of its "Ju Baopen" ("Cornucopia") financial cloud services project.
As described by Alibaba VP and Deputy CTO Leo Jiang, the Cornucopia service provides banks, investment funds, insurance companies, and other financial institutions with stable and secure IT resources by leveraging cloud computing technology. The service also allows for easy integration of services from third-party payment processor Alipay, and a sandbox environment for new feature testing.
Chen Jinpei, GM of Alibaba's AliCloud business, has stated that the Cornucopia project will help financial institutions "use the cloud to embrace the internet." Cloud computing will help institutions develop more internet finance products and respond to the huge business opportunities created by internet finance. Additionally, the project will help small and medium-sized banks offer online payment and banking services with relatively low operating cost. At present, a number of banks, including Wujiang Rural Commercial Bank and Guangdong Nanyue Bank, have launched online transaction and payment services through the project.
Editor's Note: For more background on this topic, please see "Alibaba to Offer Cloud Computing for Regional Banks" MD 8/02/13 issue.
Keywords: financial services cloud computing Internet Alipay third-party payment online payment AliCloud Alibaba Group Chen Jinpei e-payment Leo Jiang
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