Telecommunications giant China Mobile has launched its own fully owned fintech subsidiary, in a bid to expand its presence in the Chinese fintech sector.
China Mobile announced on 28 March that it had made a 100% capital contribution to the establishment of China Mobile Fintech Share Controlled Co., Ltd. (中移金科控股有限公司).
The company has registered capital of 500 million yuan, and its business scope encompasses Internet information services, basic telecommunications operations, ticket agency operations, real estate leasing and various forms of sales.
The legal representative for the company is Shen Hongqun (沈红群), who is also the legal representative of China Mobile’s existing fintech subsidiary, China Mobile Fintech Co., Ltd. (中移动金融科技有限公司), which was established in September 2018 to focus on payments services.
China Mobile Fintech Co., Ltd has active payments users of more than 100 million in China, while the “Xinyong Gouji” (信用购机) platform it promotes with China Mobile has become the biggest offline instalments platform in the country.