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Payments General

SoftBank Vision Fund to put USD 100 mln in joint venture with ZhongAn

Tuesday 28 August 2018 | 01:57 PM CET

Japan-based SoftBank Group has planned to invest USD 100 million in a joint venture with the international arm of China`s ZhongAn Online P&C Insurance.

The two companies announced the partnership earlier in August 2018, without sharing the size of the investment.

SoftBank’s Vision Fund will own 51% of the venture that aims to sell the China-based company’s technology to financial and healthcare businesses in Asia-Pacific. ZhongAn will hold a 49% stake in the venture, which will have an initial capital of USD 200 million.

Earlier in 2018, SoftBank Group has announced that it will team up with Paytm to launch a mobile payments service in Japan.

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