(Yicai) Feb. 1 -- The Shanghai Municipal People’s Government and Chinese financial technology giant Ant Group have signed a cooperation agreement to promote the development of the eastern Chinese city.

Ant will ramp up its investment in the field of cutting-edge technologies, actively participate in the construction of Shanghai’s AI industry ecology and blockchain industry innovation platform, and contribute to the building of the city’s international science and technology innovation center and global financial center, according to the deal inked yesterday.

Moreover, Ant will move its headquarters to Shanghai, advance globalization, build a global digital payment ecosystem, promote international cooperation and technological innovation, cultivate and introduce high-end talents, and jointly build a ‘Shanghai model’ of green, low-carbon, and social responsibility.

Shanghai is an open, innovative, and global city that provides a broad stage and development space for enterprises, said Jing Xiandong, chairman and chief executive officer of Ant.

Ant set up Alipay’s global headquarters, digital technology center, and wealth center in Shanghai and will continue to increase investment in technology research and development in the city, give full play to its strengths in the field of digital payment and digital technology, fully help Chinese and Shanghai-based companies participate in global trade, and make greater contributions to Shanghai’s economic and social development, Jing noted.

The signing of a new round of strategic agreements will be an opportunity to deepen cooperation in various fields, strengthen industrial empowerment, boost consumption, and improve the development of local companies, Shanghai’s Mayor Gong Zheng said. The city will continue to create a first-class business environment and promote all kinds of enterprises to become bigger and stronger, he added.

Editor: Futura Costaglione