Ant Financial is building a roughly $1bn investment fund to back start-ups across south-east Asia and India, as Alibaba’s financial technology arm looks to expand its reach across the region.
Plans for the fund, which were first reported on by Deal Street Asia, are at an early stage, according to a person familiar with the matter.
Ji Gang, Ant Financial’s vice-president, told a conference for young entrepreneurs in Beijing on Tuesday the company wants to focus on providing start-ups with later-stage funding.
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