(Yicai Global) March 2 -- Ant Financial Services Group, the payments arm of Chinese tech giant Alibaba Group, has partnered with Beijing fintech firm Global Infotech Co. to jointly explore new technologies and opportunities in the online finance market.
Ant Financial's Beijing unit will facilitate the company's transplantation of its fintech software to the cloud, and also help with the development of a new application system on Ant Financial's platform, Global Infotech said in a statement yesterday.
China is home to a booming fintech market, encompassing seven key sectors, namely, mobile payments, online lending, consumer finance, online money-market funds, online insurance, personal financial management, and online brokerage. Nine of the world's 27 fintech unicorns are Chinese, of which Ant Financial is the biggest globally with an estimated value of USD 60 billion.
Both parties will cooperate in marketing and brand promotion, including advertising, sponsorship of commercial activities, media channels and offline marketing, as well as innovation in the sector.
Founded in 1998, Global Infotech provides IT solutions for finance clients, primarily in the banking, insurance and securities sectors.
Founded in 2014, Ant Financial is the operator of China's mainstream third-party payment service Alipay and an important platform for Alibaba to make equity investments and pump money into startup companies.