Chinese Internet giant Alibaba has invested US$193.6 million in China Business News (CBN) in hopes of extending its presence in China's financial sector.
The deal involves the creation of a platform that offers financial news and information aimed at Chinese small and medium sized companies (SMEs), according to Alibaba's press release. It will tap on Alibaba's cloud technology and CBN's news content.
"The era of Data Technology (DT) is here and it will surpass the Information Technology era," said Jack Ma, Alibaba's Executive Chairman."The DT era is about transparency, sharing of information and enabling others. Alibaba is excited about the possibilities of the DT era and how it can bring value to society."
Prior to this deal, CBN was using Alipay to provide stock quote information and for a wealth management information product. Currently, these services run on desktops but there are plans to add them to mobile Taobao, said Alibaba.
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