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Startups

Ant Financial plans $1bn unicorn fund for India and Southeast Asia

Investment will focus on online-payment related tech

The fund will look for tech related to Alipay's core business, such as blockchain and artificial intelligence.

HONG KONG -- Ant Financial, an affiliate of Chinese technology giant Alibaba Group Holding, is planning to raise about $1 billion for a new fund to expand investments in emerging markets including India and Southeast Asia, according to a company executive.

The planned billion-dollar fund, whose name can roughly be translated as Ant Unicorn Fund, will focus on the "strategic businesses" of Ant Financial, including technologies and specific use cases related to online payments, said Ji Gang, vice president of Ant Financial, in an interaction with DealStreetAsia on the sidelines of the 4th Global Entrepreneurs Summit.

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