(Yicai Global) Aug 3 -- Alibaba Group Holding and big three telecoms carrier China Unicom have established a CNY353 million (USD52 million) joint venture aimed at providing application software services for governmental agencies.
Yunli Intelligent Technology will leverage Alibaba's advantages in big data, cloud computing, Internet of Things and artificial intelligence, while China Unicom will provide its experience in communications infrastructure related to the government enterprise market.
YIT will focus on providing services for state-run entities in the areas of finance, ecological environment, public security and manufacturing.
China Unicom General Manager Liang Baojun will serve as the JV's chairman, while Ali Cloud President Hu Xiaoming act as vice-chairman.
Alibaba and China Unicom have been working closely in cloud computing and new retail since the Hangzhou-based tech firm acquired a 2.04 percent stake in the latter for CNY4.3 billion (USD630 million) last August.
The two parties entered a partnership in March to develop an IoT security system under which each device has a password. The project was part of plans to apply Ali Cloud's Link Security ID² technology in the latter's IoT sim cards.