Singapore - Mobile telecommunication services provider Edition is looking to engage in financial services business in China.

The catalist-listed company said in an announcement on Monday that it has entered into a non-binding memorandum of understanding with an independent and unrelated third party to jointly set up a company in Singapore for the purpose.

Edition said it is expected to hold 51 per cent of the joint venture, with the remaining 49 per cent held by the partner.

No further details about the partner were given.

Edition said the memorandum of understanding is non-binding in nature and there is no certainty the proposed joint venture will go ahead with its plans.