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Alibaba's financial services provider Ant Financial is set to buy a 1.2 billion yuan stake in Taiwan-based Cathay Insurance.
阿里巴巴金融服务提供商蚂蚁金服计划购买台湾国泰保险12亿元的股份。
The deal will see Zhejiang Ant Small & Micro Financial Services Group hold a 60 percent stake in the mainland unit of Cathay Financial Holdings.
The purchase will still have to be approved by the mainland government.
The deal is expected to be finished by the end of this year.
Ant Financial runs Alipay.
Cathay Financial is one of Taiwan's largest financial holdings groups.
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