Ant Financial, the financial services affiliate of Alibaba, has made a strategic investment in VFinance (维金), a Shanghai-based startup providing digital financial infrastructure solutions to enterprises in China, according to VFinance’s announcement.

At a press conference on July 18th, VFinance also signed strategic cooperation with MyBank (网商银行), an online bank launched by Ant Financial in 2015. The cooperation includes payment and settlement, financing financial products, industry investment and financing solutions, technical personnel team structures to help SMEs who struggle to fit into the financial bracket for loans and services.

The creation of VFinance originated from founder Yu Qianghua’s personal experience in a bank. The communication process at the bank counter and with the staff was not so pleasant. He realized that there needs to be a special financial channel for the most productive people and enterprises, and founded VFinance. Its VFinance Wallet allows enterprise customers to conduct transactions via third-party payment services including WeChat, UnionPay, and Alipay.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com