Tenet Fintech Group Inc. announced that it has signed a partnership agreement with the Industrial Bank Co. Ltd. to allow members of Tenet's Chinese Business Hub to open bank accounts at CIB linked to their Business Hub accounts. The real bank accounts at CIB will provide Business HubTM clients with an alternative to Tenet's offering of virtual bank accounts on the China UnionPay network.

The CIB accounts are meant to accommodate larger clients, such as commodities traders, that have been relying on the Hub's services to finance their purchase orders, alleviate their cash flow issues and also have cash settlement needs that are not available through the virtual bank accounts. Just like with the virtual bank accounts, Tenet will earn service fees and have administrative oversight of the CIB accounts, which should provide an additional layer of comfort to Business HubTM partnering financial institutions, including CIB, when it comes to extending credit to Hub members that have such bank accounts.