China-based internet company Sina announced a corporate venturing fund on Wednesday that plans to raise $500m to invest in online financial technology developers.
Charles Chao, Sina’s chief executive, revealed the fund in the firm’s Q2 earnings call, confirming that its board of directors has approved its formation.
Sina operates an internet portal as well as the considerably popular microblogging platform Sina Weibo and cloud services platform Sina App Engine, and Chao said it aims to use those services to attract users for its financial offerings.
The company is seeking a micro-lending licence, according to China Money Network, and is also exploring insurance and online banking. It currently has micro-lending partnerships in place with financial services providers and would consider forming additional partnerships in other areas of fintech.
Sina has been an occasional corporate venturer in the past but has generally focused on online media companies such as Toutiao, Tudou, Tiange Group and Shinezone.