Orix Corporation has signed agreements with China Orient Asset Management Co. Ltd. (COAMC) to increase its presence in China.

The Japanese financial services group will work with COAMC and its subsidiaries.

The two will expand capital cooperation, set up a joint-venture asset management company and establish consumer finance platforms, by which Orix aims to develop a financial innovation center of Northeast Asia.

Orix set up its China headquarters in northeast China's Dalian in 2009 and increased its registered capital by 300 million U.S. dollars in 2015.

China removed caps on foreign holdings in some financial institutions and scrapped some restrictions over foreign investment this year.

A leading non-banking financial institution in China, COAMC holds controlling stakes in financial companies covering asset management, insurance and securities, with total assets of nearly 980 billion yuan (around 150 billion dollars) by the end of 2017.