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Fubon Financial to invest in Tencent's new online insurance company

Fubon Financial Holding Co. Ltd. will invest 373.5 million Chinese yuan in Chinese tech company Tencent Holdings Ltd.'s new online insurance company, it said in an Aug. 1 notice.

The Tianjin-based online property and casualty insurer, WeSure Internet Insurance Ltd. Co., will have a registered capital of 1.5 billion yuan. It has yet to receive an insurance license, the notice added.

A spokeswoman of Taipei-based Fubon Financial told S&P Global Market Intelligence the investment is separate from another potential tie-up between the company and Tencent Holdings. In July, Fubon Financial Chairman Richard Tsai said the two companies will form a Shenzhen-based joint venture to sell insurance policies.

The spokeswoman added there are other shareholders in WeSure Internet Insurance, without giving details. Its latest investment aside, Fubon Financial also holds an 80% stake in Chinese P&C unit Fubon Property & Casualty Insurance Co. Ltd.

Separately, Taiwanese financial group Cathay Financial Holding Co. Ltd. also teamed up last year with another Chinese tech company, Alibaba affiliate Ant Financial Services Group. Ant Financial became the biggest shareholder of Cathay Financial unit Cathay Insurance Co. Ltd. (China), after purchasing a 51% stake for 833 million yuan.

As of Aug. 1, US$1 was equivalent to 6.72 Chinese yuan.