Ant Group Spends $8.9 Million to Establish Info Tech Company

On Wednesday, Tianyancha revealed that a wholly-owned subsidiary by Ant Group was formerly established. The new subsidiary has been named Ant Suosuoshu (Hangzhou) Information Technology Co., Ltd.

The new company has a registered capital of 60 million yuan ($8.9 million) and its business scope will include ticketing agency services that have been entrusted by banks or financial institutions to engage in reminder services as well as the entrustment of financial institutions engaging in the outsourcing of financial information technology, business and knowledge processes.

According to Ant Group, the new company will provide information technology services to different market players, and its establishment could better meet the needs of cooperative institutions for information technology cooperation.

Ant Group traces its founding back to the year 2004 when the now-famous Alipay payment service was founded. In March 2013, a microfinance service group with Alipay as its main body was established, which became the predecessor of Ant Financial. In July 2020, Ant Financial was officially renamed Ant Group.

SEE ALSO: Ant Group-Backed MYbank to Cease Asset Transfers from Alipay

Ant Group provides financing services for small and micro enterprises and individual consumers, and has sub-businesses such as Alipay, Yu’ebao, Zhao Cai Bao, Ant Jubao, MYbank, Huabei and Sesame Credit. The company currently has 43 outbound investment enterprises.