By Alana WiseA few months ago, Alibaba announced it would be acquiring a new financial service for consumers.
The news came as part of an announcement that was more focused on its acquisition of financial technology firm Yandex.
The company said the acquisition was expected to close in the second quarter of 2019.
The Yandec team was originally created in 2015 as part and parcel of Alibaba’s effort to bring financial products to China.
The deal with Alibaba will bring a new set of financial services to the company’s users, which will allow it to offer more personalized recommendations and product-specific insights.
Alibaba CEO Jack Ma said in a press conference that the team will also help to design financial products and services to meet consumers’ financial needs.
The acquisition, which also includes Yahoo Finance, is part of Alibaba Finance’s broader ambitions to be a more “global” company.
It will be the company first investment in the financial industry, according to the press release.
Alibaba Finance has more than 200 million users, according the company.
We are working on more exciting financial services for our customers to deliver better products and better services for more people,” Alibaba CEO said in the press conference.
The purchase comes as Alibaba has been trying to build out its financial product offering, focusing more on lending and investments and less on buying and selling businesses.
Alibaba Finance also has a larger focus on online trading and financial analytics, among other things.