Inner Mongolia autonomous region witnessed the establishment of a Sino-Mongolian financial cooperation alliance on Sept 26, reports Baotou Daily.

Initiated by Baoshang Bank and Trade and Development Bank of Mongolia, one of Mongolia’s best corporate banks, the alliance is backed by a total of 33 financial institutions from China and Mongolia.

Li Zhenxi, president of Baoshang Bank, delivered a speech at the signing ceremony of the alliance, explaining that the alliance is set up in the hope of strengthening Sino-Mongolian ties.

The members of the alliance will share resources in areas including risk management, science and technological systems, and operation management, and will boost cooperation in Sino-Mongolian investment projects and cross-border e-commerce.