What’s new: Ant Group Co. Ltd. has set up a new subsidiary to provide software services for financial institutions and other business clients, the fintech giant’s latest move to double down on tech services.
Sasi Digital Technology (Beijing) Co. Ltd. (萨思数字科技（北京）有限公司) was founded Monday with a registered capital of 200 million yuan ($31.5 million), according to public business records.
Sasi Digital is a software-as-a-service solutions provider that offers software development, product design and tech consulting services. Ni Xingjun, Ant Group’s chief technology officer, serves as its legal representative and executive director.
The background: Ant Group is growing the proportion of tech services business in its revenue, as its core financial business is facing tightening supervision.
In November 2020, Ant Group’s blockbuster IPO was suspended amid heightened scrutiny of the fintech industry. The company is now rectifying its financial operations, including its highly leveraged online lending businesses, in a bid to meet regulatory requirements.
Related: In Depth: The Rectification and Remaking of Ant Group
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
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