Ant invests in Thailand’s payment firm
Print Edition
ALIBABA’S financial affiliate Ant Financial Services said yesterday that it has made a strategic investment in Thailand’s payment service provider Ascend Money as the Chinese company continues to expand its overseas footprint.
The investment follows a similar one Ant Financial made in India’s mobile payment service PayTM last year, as the Chinese company hopes to leverage its technology capability to boost the development of financial technology, or fintech, not only in China but overseas too.
“We’re seeking to cooperate with local partners such as Ascend and PayTM and to increase Alipay merchant acceptance worldwide, and eventually aims to serve 2 billion consumers globally in 10 years,” said Eric Jing, CEO of Ant Financial.
The tie-up between Ascend Money, a subsidiary of Thailand’s Charoen Pokphand Group Co, and Ant Financial includes cross-sharing of payment network so that the two partners can collaborate on payment and cloud-computing capability.
An earlier filing to China’s Ministry of Commerce envisaged Ant Financial acquiring 20 percent of Ascend Money, with options that would raise its stake to 30 percent.
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