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Ant Financial teams up with Indonesian media firm Emtek

ALIBABA'S financial affiliate Ant Financial has set up a joint venture with Indonesian media company Elang Mahkota Teknologi (Emtek) as another major step of globalization for the Chinese tech giant to extend its influence in overseas nations and regions.

The two companies will set up a joint venture to launch a new mobile platform for payment and other financial services and increase accessibility of digital financial services in Indonesia, according to a joint statement yesterday.

Emtek will hold 61 percent of the joint venture called Elang Andalan Nusantara through its investment arm Kreatif Media Karya, a filing to the Indonesia Stock Exchange shows.

The local payment platform will be first rolled out on BlackBerry's social messaging system (BBM) and would leverage Ant Financial’s experience and know-how in mobile payment, digital financial innovations, risk control and cloud computing.

Ant Financial's previous footprints in global expansion including deals with Thai payment company Ascend Money, South Korea's Kakao Pay Corp and Philippines-based Mynt.

"Ant Financial has proven know-how in delivering payment and other financial solutions to a large and growing mobile audience in China ... and we are looking forward to replicating and creating this success in Indonesia," Emtek CEO Alvin Sariaatmadja said in the statement.



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