China's Ant Financial is preparing to raise $1 billion for a fund that will invest in fintech startups in South East Asia and India, according to reports.
As first reported by DealStreet Asia, Jack Ma's firm is planning the fund to pump money into companies in the payments and online finance space.
The fund would be in line with Ant's policy of expanding outside of China, where its growth is slowing in the face of stiff competition from Tencent and others.
Just this week, Ant injected hundreds of millions of dollars into Paytm as part of a $1 billion funding round for the Indian outfit. Ant is also planning to apply for a virtual banking license in Singapore.
In related news, Postal Savings Bank of China (PSBC) announced today a pact with Ant Financial to set up a joint lab to explore fintech innovations, and extend tie-ups in areas such as internet security and taking bank branches digital.