China's leading online commerce firm Alibaba.com and the Agricultural Bank of China signed an agreement to cooperate on e-payments on Thursday.
The two sides will cooperate on e-payments for both the enterprises and individuals to reduce the online trade credit risks and boost the e-commerce market in China, according to the agreement.
Alibaba.com, based in Hangzhou in east China's Zhejiang Province, runs online commerce sites that link foreign buyers with Chinese wholesalers.
Its B2B (business-to-business) commerce totals about 11 million member companies, according to Alibaba.com.
The Agricultural Bank of China has about 30,000 branches with the leading e-bank network in the country.
(Xinhua News Agency March 17, 2006)
