Asia Biz News - Asian Business News and Tenders
Canada Pension Plan Investment Board Invests US$600M into China's Ant Financial
June 10, 2018
In parallel with a recent announcement about a major new capital raise by Chinese fintech firm Ant Financial, Limited, Canada Pension Plan Investment Board (CPPIB) just announced it will be investing US $600 million in the company.
Toronto (GLOBE NEWSWIRE) --
Ant International Co., Limited, is a wholly-owned off-shore subsidiary of Ant Small and Micro Financial Services Group Co., Ltd., a tech company dedicated to using technology to bring the world equal opportunities. It is an affiliate of Chinese e-commerce giant Alibaba, which founded Ant Financial and later spun it off, but still owns a significant minority stake in the company.
Since the launch of Alipay in 2004 and the establishment of Ant Financial in 2014, the Company has built an integrated technology platform and an eco-system of partners to bring more secure, transparent, cost-effective and inclusive financial services to individuals and small and medium enterprises globally. The Company will continue to invest in developing its blockchain, Artificial Intelligence, security, Internet of Things and computing capabilities to upgrade its global technology platform for the next generation.
“China’s growing online financial market presents meaningful opportunities for leading participants like Ant Financial,” said Suyi Kim, Senior Managing Director, Head of Asia Pacific, CPPIB. “Through this investment, CPPIB is able to contribute to Ant Financial’s efforts to provide a full range of products and services to empower financial institutions and other partners both globally and in China, where it will further transform financial systems through innovation in technology.”
In the year ended March 31, 2018, Alipay, together with its global partners, served approximately 870 million annual active users globally and over 15 million small businesses in China. Ant Financial is dedicated to building an open ecosystem with global partners, and will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy.
Copyright: North America Procurement Council Inc., PBC