Bank of Communications: 600 million yuan to set up fintech company “Bank of Communications and Gold Section”
The Beijing News reported that in the evening of January 16, Bank of Communications issued an announcement saying that its subsidiary, Bank of Communications International Holdings Co., Ltd., intends to use its subsidiary Bank of Communications International (Shanghai) Equity Investment Management Co., Ltd. as the main body to invest RMB 600 million. Initiated the establishment of Bank of Communications Financial Technology Co., Ltd. (referred to as “Bank of Communications and Gold Section”). The amount of capital contributed by Bank of Communications International (Shanghai) Equity Investment Management Co., Ltd. accounts for 100% of the registered capital of Bank of Communications and Jinke.
The company said that the investment aims to explore the innovation of the system and mechanism of fintech talent management, technology introduction, and application system research and development system, to promote the digital and intelligent transformation of the group; to improve the quality and structure of financial service supply by means of fintech methods, and to promote the digital wind Control capabilities; strengthen cutting-edge research and applications, and launch fintech service exports. This investment is in line with the Group’s development strategy and is beneficial to the company’s long-term and sustainable development.
Edit Sun Yong