China International Capital Corp., the nation’s leading investment bank, plans to set up a joint venture with a unit of Tencent Holdings to develop technology solutions for wealth management, CICC said Tuesday.

The new venture will have a registered capital of 500 million yuan ($70 million), and CICC will hold 51%, according to a company statement. Tencent Digital (Shenzhen) Ltd., an indirect wholly owned subsidiary of Tencent, will own 49%.

The new venture will provide technological platform development and digitalized operational support services for CICC’s wealth management, retail brokerage and other businesses, the investment bank said.

"The technological joint venture is part of CICC's strategic initiatives in wealth management,” said Bi Mingjian, CEO of CICC.

Martin Lau, president of Tencent Holdings, said the two companies will combine their strengths to offer more customized and differentiated FinTech services to users.