CMB, Didi Kuaidi agree funding, partnership deal
Print Edition
China Merchants Bank has become the latest domestic financial institution to invest in Didi Kuaidi, the two companies announced yesterday.
“CMB has made a strategic investment,” said Didi Kuaidi President Jean Liu, without putting a figure on the deal.
The partnership will connect the two companies’ online-to-offline service platforms and help to improve service quality and customer loyalty, she said.
Under the new arrangement, would-be Didi drivers will be able to register their interest in working for the app at CMB branches across the country, while the lender said it is also planning to provide vehicle financing to Didi cabbies.
App users, meanwhile, will be able to use their CMB cards — including co-branded debit and credit cards set to be introduced this year — to settle fares.
“The partnership with Didi is a key step for CMB in pushing forward its Internet finance strategy,” said Zhao Ju, China Merchants Bank’s executive vice president.
The lender will also help Didi to set up and manage its cross-border payment business as it seeks to expand overseas.
In September, Didi said it had received US$3 billion in funding from several investors including Ping An Insurance (Group) Co and China Investment Corp.
Meanwhile, Uber China said yesterday that it is planning to launch in a further 18 Chinese cities by the end of next month, taking its total to 55.
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