Alipay, Ant Financial's mobile payment and lifestyle platform, reports it was able to process a record breaking 256,000 payment transactions per second at the peak of the 2017 Singles' Day Shopping Festival. In June 2018, Ant Financial announced that it would share a full suite of AI capabilities with asset management companies to increase operational efficiency and reduce costs. In May 2018, banks including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China CITIC Bank, and Bank of Tianjin signed strategic cooperation agreements with Ant Financial to support the digital transformation of these banks.