China Mobile Launches Financial Services Arm

China Mobile announced the establishment of a new subsidiary, China Mobile Finance, whose primary business will be the provision of financial management services. The registered capital of the new subsidiary is proposed to be RMB 5 billion. The company said the new operation would strengthen its internal funds management and ensure better control of liquidity risks. Among its activities, China Mobile Finance will provide credit authentication, collection and payment of transaction money, and operate an insurance agency business.
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