Alibaba Invests USD$15 million in Launch of “Smart Finance” Digital Subsidiary

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Chinese e-commerce giant has Alibaba just launched a new wholly invested fintech subsidiary helmed by a senior executive from its Ant Group-backed digital bank.

“Hangzhou Alibaba Smart Finance Digital Technology Co., Ltd.” (杭州阿里巴巴智融数字技术有限公司) was established on 17 June with registered capital of 100 million yuan as a wholly invested subsidiary of Alibaba.com, according to information from the Tianyancha app.

Tang Jiacai (唐家才), CIO of Ant Group-backed digital lender MYBank, is the legal representative of Alibaba Smart Finance.

The business scope of the new company includes “information technology consulting services; non-financial guarantee services and advertising design.”

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