Cathay United signs on to China dealBy Kao Shih-ching / Staff reporterCathay United Bank (China) Co Ltd (國泰世華銀行中國) on Friday signed an investment agreement to acquire a 10 percent stake in a new consumer finance company in China, parent company Cathay Financial Holding Co (國泰金控) said in a Taiwan Stock Exchange filing. The agreement with Ant Technology Group Co Ltd (螞蟻科技集團) to invest 800 million yuan (US$115.62 million) in the company, tentatively named Chongqing Ant Consumer Finance Ltd (重慶螞蟻消費金融), would help Cathay United Bank China deepen its operations and capture new business in consumer financing, Cathay Financial spokesman Daniel Teng (鄧崇儀) told the Taipei Times by telephone. Cathay United Bank China, Cathay Financial’s Chinese subsidiary, focuses on corporate financing, investment banking and financial transactions. Ant Technology Group would hold a 50 percent stake in the new company, with other investors to include Chinese financial, technology and medical equipment companies, according to Chinese media reports. Companies in Taiwan’s financial sector plan to invest NT$18.88 billion (US$639.74 million) in financial technology (fintech) this year to improve their online services and competitiveness, the Financial Supervisory Commission said on Thursday.

Source: Taipei Times August 23, 2020 15:56 UTC