19 January 2018
visit www.ebaday.com

Ant Financial brings mobile payments to Indonesia

12 April 2017  |  7089 views  |  0 chess

In its latest foray outside of China, Ant Financial has teamed up with Indonesia's Emtek Group on a mobile payments and financial services joint venture.

Alibaba's Ant has been making a rash of deals over recent months, spending some of the $4.5 billion it raised in a funding round a year ago in an effort to become a globe-straddling payments behemoth.

The latest deal will see it bring its payments expertise to a platform offered on BBM, which is operated by an Emtek subsidiary in Indonesia and is the country's most-installed and most commonly used messenger app, with 63 million monthly active users.

Beyond serving BBM users, the JV will also offer its mobile payments technology to e-commerce, over-the-top and online-to-offline services, merchants and platforms in Indonesia, taking advantage of Emtek's position as the country's top media conglomerate.

Douglas Feagin, president, Ant Financial International, says: "This strategic partnership underlines our commitment to serve the unbanked and underbanked around the world and to improve their lives by bringing them inclusive financial services. We are achieving this by working with partners who share our vision."

Ant has set itself the goal of serving two billion customers within the next ten years. With an IPO in the offing, the company has made substantial investments in India's Paytm, South Korea's Kakao Pay, Thai financial technology firm Ascend Money and Globe Telecom Inc's fintech firm Mynt.

It has also made an $880 million move for Moneygram, although that deal is under threat thanks to a rival bid from Euronet.

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

Ride-hailing app Grab buys Indonesian payments firm Kudo

Ride-hailing app Grab buys Indonesian payments firm Kudo

03 April 2017  |  4586 views  |  0 comments | 1 tweets | 3 linkedin
Standard Chartered opens up to AliPay

Standard Chartered opens up to AliPay

22 March 2017  |  6411 views  |  0 comments | 10 tweets | 10 linkedin
Euronet sparks MoneyGram bidding war with Ant Financial

Euronet sparks MoneyGram bidding war with Ant Financial

14 March 2017  |  4891 views  |  0 comments | 6 tweets | 10 linkedin
Ant Financial to make $200 million investment in South Korea's Kakao Pay

Ant Financial to make $200 million investment in South Korea's Kakao Pay

21 February 2017  |  5264 views  |  0 comments | 7 tweets | 9 linkedin
Ant Financial takes equity stake in Phillippine mobile money firm

Ant Financial takes equity stake in Phillippine mobile money firm

20 February 2017  |  5587 views  |  1 comments | 6 tweets | 6 linkedin
China's Ant Financial agrees $880m deal to buy MoneyGram

China's Ant Financial agrees $880m deal to buy MoneyGram

26 January 2017  |  9297 views  |  2 comments | 27 tweets | 39 linkedin
China's Ant Financial goes global in bid for two billion users in 10 years

China's Ant Financial goes global in bid for two billion users in 10 years

20 January 2017  |  11063 views  |  0 comments | 24 tweets | 15 linkedin
Ant Financial enters SE Asia with investment in mobile money firm Ascend

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

01 November 2016  |  5455 views  |  0 comments | 5 tweets | 3 linkedin
Ant Financial snaps up EyeVerify

Ant Financial snaps up EyeVerify

14 September 2016  |  5768 views  |  0 comments | 11 tweets | 7 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  |  5063 views  |  0 comments | 8 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.thomsonreuters.infovisit www.niceactimize.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11075 views comments | 32 tweets | 37 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10257 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9868 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9349 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8377 views comments | 8 tweets | 6 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job