Ant Financial Services Group, the financial services affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has made a strategic investment in VFinance, a Shanghai-based start-up providing digital financial infrastructure solutions to enterprises in China.
No financial details were disclosed in a company announcement.
"With this strategic investment Ant Financial and VFinance will together develop financial inclusion services across industry chains and across financial business cycles," said Zhu Chao, head of corporate development at Ant Financial.
As part of the investment, VFinance signed a strategic partnership agreement with MYbank, an online bank launched by Ant Financial in 2015, to provide payment clearance, fundraising products and investment solutions to micro and small-sized enterprises.
Founded in 2013, V...
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