Internet majors, banks edge closer to fintech success

China's internet giants that forayed into online finance are now joining hands with banks, their perceived competitors, to succeed together in the booming financial technology or fintech sector.

The latest such partnership is between Tencent Holdings Ltd and Huaxia Bank Co Ltd, which was announced on Thursday.

The duo plan to co-develop an anti-fraud lab, a financial services cloud, and an artificial intelligence-backed customer service platform, based on their existing collaboration in data security, credit card services and online payments.