Chinese e-commerce giant Alibaba said it hopes to continue working with commercial banks in China even as the Industrial Commercial Bank of China (ICBC) restricted trade with Alipay last week.

Alipay is the online payment arm of Alibaba. 

Alibaba's Peng Lei said the e-commerce giant does not aim to overturn any banks in China when it offered online financial product Yu'ebao, which has become an ultra-popular online financial product in the country.

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"All we want is to create a win-win solution and not overturn or beat anybody," Peng, CEO of Alibaba Small and Micro Finance Service Group, said.

Following orders from China's central government, ICBC, which is the biggest bank in the country, trimmed the interfaces that allow card holders to make payments via Alipay's quick payment scheme in ICBC's system to one from five.

ICBC also trimmed the limit on daily payments to Alipay. The other three Chinese major banks followed suit by lowering their limit of Alipay's quick transfer service.

Alibaba's Peng said the company aims to support the e-commerce and online finance industry of the country with the cooperation of Chinese banks. He said Yu'ebao was not created to give banks a hard time.

Even ICBC's bank president, Yi Huiman, told the official China Central Television (CCTV) that he believed that ICBC will stand to benefit from the booming online finance industry.

He said some 80 percent of the country's banking services are already done online instead of the traditional visit to offline banks.

ICBC's vice president, Zhang Hongli, also stressed that the willingness of the biggest Chinese lender to work with Alibaba's Alipay has never changed.

Alipay, with its introduction of Yu'ebao, created quite a stir in China's banking industry when a recent survey showed that more than 80 percent of Chinese people are interested to invest in an online financial fund, with a good majority saying they were keen on investing in Yu'ebao.