ICBC initiates first Financial Innovation IAR Alliance

2009/09/04

On September 2, Industrial and Commercial Bank of China (ICBC) announced that the first Financial Product Innovation Industry-Academia-Research (IAR) Alliance was set up recently.
The Alliance members includes famous academies, universities and hi-tech enterprises such as China Center for International Economic Exchanges (CCIEE), Institute of Finance and Banking of Chinese Academy of Social Sciences, Tsinghua University, Central University of Finance and Economics, University of International Business and Economics, China E-Commerce Association, China UnionPay, IBM, Microsoft and UFIDA.
Based on the agreement, ICBC and IAR cooperative partners will develop cooperation in exchanges of financial product innovation information, study, activities and resource sharing in order to develop financial products with high added value and independent IPRs.
According to the insiders, the establishment of the Financial Product Innovation Industry-Academia-Research (IAR) Alliance set up a platform for commercial banks and social research resources, which is helpful to raise the level of financial product innovation and research and the ability of independent innovation of Chinese commercial banks.

                                                                                                   Source: IPR in China