(Yicai Global) May 31 -- Ant Financial Services Group, the world's most valuable fintech company, and financial IT services provider Global Infotech plan to establish a joint venture to offer full industry-chain services to financial clients.
Ant Financial will set up the new firm through its unit Shanghai Yunxin Venture Capital Management, Beijing-based GIT said in a statement. The parties did not give further details on the nature of the JV's business.
Hangzhou-based Ant Financial, which runs leading Chinese third-party payment platform AliPay, will provide 45 percent, or CNY180 million, of the JV's registered capital. Yunxin Venture will contribute CNY60 million and intangible assets for 35 percent, while the JV's management team will add CNY80 million, making up the remainder.
The parties have signed terms, but details will not be finalized until the investment agreement is signed.
Ant Financial is an affiliate of China's e-commerce leader Alibaba Group Holding. GIT provides financial sector clients with software products, cloud computing and data center solutions, business consulting, and IT management services.
Editor: William Clegg