Aroundtheworld

Dianrong wins investment led by GIC

Chinese peer- to- peer lending platform Dianrong said on Wednesday it raised $ 220 million from a group of investors led by Singapore sovereign wealth fund GIC, looking to step up research of new technology as it expands across China and explores ventures in other countries in the region.

Other investors in the funding round included CMIG Leasing, a unit of China’s biggest private investment conglomerate China Minsheng Investment Group ( CMIG), and South Korean fund manager Simone Investment Managers, Dianrong said.

The Shanghai- based company plans to use the funds to automate some of its new branches across China, for research and development and potential acquisitions.

Ant Financial payments in Southeast Asia

Ant Financial, a fi nancial affi liate of Alibaba group, on Wednesday announced a partnership with Fave in Southeast Asia, in a bid to promote its crossborder payment services. Singapore will be the fi rst country to enjoy the service.

With the deal, Alipay users can make payments via the Alipay app at restaurants and physical retailers that are part of the Fave ecosystem and gain special access to off ers and rewards.

The service will fi rst target Chinese outbound tourists to Southeast Asia, which is becoming one of the most popular destinations for Chinese travelers.