acquisition will provide Ant Financial with good financial
products so that it can attract more clients," the source told
Reuters on Friday.
Ant Financial Services Group [ANTFIN.UL], valued at close to $60
billion, offers services like online payment, wealth management
products and insurance. Its core Alipay online payment business
was founded in 2004.
The Alibaba affiliate closed a $4.5 billion funding round in
Ant Financial and Shanghai Suntime, which was founded in 2003,
were not immediately available for comment on Friday, a public
holiday in China. The source was not authorized to speak to
media and therefore declined to be identified.
(Reporting by Vicky Bi; Writing by Michelle Chen; Editing by
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