KUALA LUMPUR: Malaysia's second largest bank CIMB joined hands with Ant Financial, an affiliate company of Chinese e-commerce giant Alibaba, on Monday to cater to local mobile payment demands.

 CIMB's electronic payment system subsidiary Touch 'n Go entered into an equity joint venture (JV) with Alipay, CIMB said 0in a statement, reports Xinhua.

 The JV will see Touch 'n Go to be the major shareholder in the venture while Ant Financial as a minority shareholder, according the statement. CIMB said it is Ant Financial's first investment in Malaysia but did not elaborate on the value of the deal.

 The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services, it said.