Ant Financial, a financial arm of Alibaba Group, has obtained investment from China's Social Security Fund, completing its first round of fundraising, domestic news portal sina.com.cn reported on Thursday.
A PR staff from Ant Financial, which runs China's biggest online payment business Alipay, confirmed the investment with Global Times, but did not reveal the amount.
The first direct investment from the social security fund in the country went to the Ant Financial, which accounts for 5 percent of the company's shares, Wang Zhongmin, vice chairmen of the National Council for Social Security Fund, was quoted by the report as saying.
The financial arm, which is set to open its Internet bank called MYbank on June 25, reportedly completed a private placement raising more than $40 billion.
