Industrial Bank Co, a Fujian-based company, ranks 213rd in the latest list of top Global 500 enterprises. [Photo/VCG]

Fujian's Industrial Bank Co signed a strategic cooperation agreement with Xiaomi, on Nov 6, in an effort to share mutual benefits, and achieve common aims.

The agreement will form a foundation upon which both organizations will abide by and commit fully to reach business goals. According to the agreement, the organizations seek to develop an innovative model of integrated development of finance and technology by exploiting respective strengths in the fields of global cash management, wealth management, and international business, among others.

Xiaomi Corp, founded in April 2010, is an internet company which deals with businesses of mobile phones, intelligent hardware, internet of things (IoT) platforms. By the end of 2018, its business reached over 80 nations across the world, ranking 468th in the Fortune Global 500 list in July this year.

In recent years, Industrial Bank Co has made great efforts to propel the development of emerging industries in new areas. It is expected that the bank will strengthen joint research and cooperation interests on big data, artificial intelligence, smart homes, and IoT, as part of its ambitious future strategy to establish a smart internet and financial ecosystem.