Even with the explosive growth of technology in China, it's still important to remember that China is still a nation of peasants. So Alibaba's Ant Financial is now focusing its sights on a new rural financial services strategy.
To this end, the company announced plans to make a strategic investment in CFPA Microfinance and to establish a joint venture with China Insurance. The investment totals and equity stakes were not made available by the parties.
Through these deals, Ant Financial will drive growth around three major business models. The first is the data-based financial platform model, which is at the bottom of the pyramid. Relying on e-commerce services, Ant Financial's various platforms will provide comprehensive financial services, including payments, insurance, and credit, to nationwide users involved in the agriculture industry.
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