Insurance license delays Yungfeng's acquisition of MassMutual
Yungfeng, the financial services firm backed by Alibaba's Jack Ma, will have to wait until at least Q3 2018 to close out its acquisition of MassMutual's Asian arm in a deal worth $1.7bn. While the business has obtained most of the licenses it needs to offer a full suite of financial services, it is still waiting to be granted an insurance license from Hong Kong's Securities and Futures Commission. Yungfeng already offers robo-advice services, and has partnerships with the likes of BlackRock, Pimco and Axa. It plans to offer insurance products following the awarding of the license. 

Yunfeng says its YouYu Robo Advisor has so far signed partnerships with 15 asset managers including investment giants BlackRock, Pimco and AXA