22 July 2017
visit www.avoka.com

Ant Financial enters SE Asia with investment in mobile money firm Ascend

01 November 2016  |  4956 views  |  0 Asia on globe

Ant Financial, the financial services arm of Chinese e-commerce conglomerate Alibaba, has bought a stake in Thailand-based mobile money outfit Ascend, continuing its aggressive international expansion into new markets.

Operating under the TrueMoney brand for payments and Ascend Nano for lending, the Thai company already operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Through its mobile wallet and agent network, the company currently provides payment services such as domestic and international remittance, bill payment, top up services, online and offline payments and payroll services.

Under the partnership with Ant Financial, the firm plans to expand into mainstream banking, with future services including lending, insurance and investment.

Punnamas Vichitkulwongsa, CEO of Ascend Group, believes the partnership will enable the firm to enjoy exponential growth. “Our goal is to provide innovative financial services to over one hundred million customers and SMEs in Thailand and Southeast Asia by 2020," he says. "Our partnership with Ant will help accelerate innovative financial services and platforms, enabling a strong financial services ecosystem.”

Ascend Money is Ant Financial’s first partner in Southeast Asia and second globally after Paytm in India. The Chinese company, which raised a whopping $4.5 billion in a series B funding round in April, has set itself a target of reaching two billion users globally by 2020. To this end, the firm is working with dozens of global payment partners, including Concardis, Ingenico, Wirecard and Zapper in Europe, First Data and Verifone in North America, Paysbuy and Counter Services in Southeast Asia, Recruit in Japan and KICC and ICB in Korea.

“Ant Financial is setting its footprint worldwide, not only to provide services for its Chinese users, but to promote equal access to financial services globally,” says Douglas Feagin, Ant Financial SVP. “Partnerships are vital for Ant Financial’s growth and we want to work alongside companies around the world who share our missions.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CBA provides Alipay with bridgehead to Australia

CBA provides Alipay with bridgehead to Australia

31 October 2016  |  4869 views  |  0 comments | 6 tweets | 7 linkedin
Alipay marches into the US with First Data/Verifone deals

Alipay marches into the US with First Data/Verifone deals

25 October 2016  |  8242 views  |  0 comments | 9 tweets | 12 linkedin
Ant Financial snaps up EyeVerify

Ant Financial snaps up EyeVerify

14 September 2016  |  5293 views  |  0 comments | 11 tweets | 7 linkedin
Wirecard opens up Alipay to European merchants - POS integration not necessary

Wirecard opens up Alipay to European merchants - POS integration not necessary

02 September 2016  |  9248 views  |  0 comments | 13 tweets | 11 linkedin
Ingenico provides gateway to Europe for Alipay

Ingenico provides gateway to Europe for Alipay

18 August 2016  |  7451 views  |  0 comments | 10 tweets | 9 linkedin
Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

26 April 2016  |  3993 views  |  0 comments | 8 tweets | 4 linkedin
Alipay expands into Europe

Alipay expands into Europe

06 April 2016  |  12058 views  |  1 comments | 26 tweets | 30 linkedin
Alibaba takes 40% stake in India's Paytm

Alibaba takes 40% stake in India's Paytm

29 September 2015  |  7950 views  |  0 comments | 18 tweets | 11 linkedin
Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

08 July 2015  |  7440 views  |  0 comments | 9 tweets | 9 linkedin
Alibaba's Ant Financial takes credit scoring to a new level

Alibaba's Ant Financial takes credit scoring to a new level

28 January 2015  |  7016 views  |  0 comments | 13 tweets | 19 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.finastra.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13298 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
9442 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8511 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
8151 views 0 | 8 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7006 views comments | 25 tweets | 15 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job