On the morning of Feb. 12, Bank of Shanghai Co., Ltd. (hereinafter referred to as “BOSC”) and Shanghai PATEO Electronic Equipment Manufacturing Co., Ltd. (hereinafter referred to as “Shanghai PATEO”) held the signing ceremony of the Bank-Enterprise Strategic Cooperation Agreement.
At the signing ceremony, BOSC and PATEO announced that they would work together to build a technology finance platform for the industry, and carry out explorations into various innovative businesses of technology finance by closely focusing on the line of business, clients and partners of PATEO. BOSC will bring its strength of “close to market, flexible mechanism and quick response” into full play, and base on the great early-stage cooperation between both sides, to establish strategic bank-enterprise partnership, and accompany Shanghai PATEO throughout its growth journey.
The intelligentization and networking driven by scientific and technological progress has become an inevitable development trend of the auto industry. According to the strategic planning released by the State Council and the ministries & commissions directly under it, the development of intelligent connected vehicles has been elevated to the height of a national strategy. To respond to and implement the call of the state to support the development of private enterprises, as the auto industry is moving towards the key strategic window period of intelligent network connection and autonomous driving, BOSC joined hands with Shanghai PATEO, the leading IoV enterprise, to reach this Bank-Enterprise Strategic Cooperation, by which the two sides plan to give full play to their respective advantages, to achieve resource complementarity, mutual benefit and win-win, and jointly create business cooperation models including “technology finance”, with focus on enhancement of the bank-enterprise relationship to strengthen close cooperation.
It is understood that the two sides have reached the agreement that BOSC will grant Shanghai PATEO a line of credit of RMB 1.5 billion to help it move to a new level of innovation in science & technology and industrialization. At the same time, the two sides will unfold in-depth cooperation in various business areas, including comprehensive credit granting for the Group, establishment of a technology finance platform, account settlement, cash management, capital preservation & appreciation, personal finance and financial consulting. In the future, both sides will also leverage their respective strengths to jointly promote the sustainable development of the bank-enterprise undertakings.
Hu Youlian, President of BOSC, said that in recent years, BOSC has been earnestly acting in accordance with the philosophy of “Smart Finance & Specialized Services”, while actively exploring innovations in serving the innovation-driven development strategy that is being implemented in Shanghai as well as building Shanghai into a global science & technology innovation center , so as to fully support the construction of Shanghai’s “five centers”. As a leading IoV enterprise, PATEO is a technology finance enterprise that’s strongly promoted by the municipal government. Given the great cooperation between the two sides, BOSC hopes to further strengthen its interaction with PATEO, and go hand in hand to achieve win-win cooperation.
Ken (Yilun) Ying, Chairman of PATEO said: The in-depth strategic cooperation with BOSC is of great strategic significance for the operation and development of Shanghai PATEO. The financing will accelerate the transformation and application of PATEO's scientific and technological achievements, thus becoming a strong guarantee for PATEO to achieve the leap-forward development. We are firmly optimistic about the future development of the IoV industry, and are willing to join hands with our strategic partners to build an industrial ecosystem and continue creating greater value for society.