Alibaba Group founder and chairman Jack Ma. Photo: Reuters/Philippe Wojazer

Yunfeng Financial Group, co-founded by Jack Ma and Target Media founder Yu Feng, said Thursday they will acquire a 60% stake in MassMutual Asia.

The remaining 40% will be acquired by seven other Asian investors including Ant Financial (5%), SINA (5%), and Singapore government-backed City-Scape Pte (7.5%).

“This deal represents the fusion of Yunfeng’s existing financial technology services with traditional insurance industry services, and a milestone of Yunfeng’s transformation into a large-scale financial group,” Yunfeng said in a statement released on their website.