Despite stock price woes it’s full steam ahead for Alibaba’s finance arm, Zhejiang Ant Financial, who revealed plans to invest 1.2 billion yuan ($188 million USD) into the China insurance arm of Taiwan-based Cathay Financial Holdings on Monday.

It’s very much a strategical asset for Ant Financial, who will hold a 60% stake following the deal, according to a statement from the Taiwanese company. The partnership will allow Ant Financial to extend it’s online insurance services and avoid applying for extra licensing.

The internet insurance sector has grown in leaps and bounds, transforming the industry in China. Sales of online insurance neared $13 billion USD in the first six months of 2015, according to the Insurance Association of China, on par with the total amount for 2014.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com