KUALA LUMPUR, July 24 (Reuters) - CIMB Group Holdings Bhd , Malaysia’s second-biggest bank, on Monday said its subsidiary will form an equity joint venture with Ant Financial Services Group, the parent of Alipay, to provide mobile wallet and related financial services.
The CIMB unit, Touch ‘n Go Sdn Bhd, will be majority shareholder and Ant Financial a minority shareholder, the bank said in a statement filed at the Kuala Lumpur stock exchange.
“The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services,” CIMB said in the statement.
For Ant Financial, the investment would be its first in Malaysia. (Reporting by Rozanna Latiff; Writing by Praveen Menon; Editing by Christopher Cushing)