Even with the explosive growth of technology in China, it’s still important to remember that China is still a nation of peasants. So Alibaba’s Ant Financial is now focusing its sights on a new rural financial services strategy.

To this end, the company announced plans to make a strategic investment in CFPA Microfinance and to establish a joint venture with China Insurance. The investment totals and equity stakes were not made available by the parties. chinatechnews.com