Alibaba’s Ant Group Buys Majority Stake In Singapore Fintech 2C2PAnt Group — backed by Chinese e-commerce giant Alibaba — has agreed to acquire a
majority stake in Singapore-based fintech company 2C2P as the operator of e-wallet Alipay expands further into Southeast Asia.
Ant — whose $35 billion initial public offering in late 2020 has been delayed amid a regulatory crackdown in China — has been
expanding across Southeast Asia in recent years, acquiring stakes in e-wallet companies including Indonesia’s
Dana, Malaysia’s
TNG Digital, Philippines’
GCash, Thailand’s
Ascend Money and Vietnam’s
eMonkey.
Through the strategic partnership with Ant, 2C2P said its
pool of global and regional merchants inclusive will be connected with Alipay+, extending geographical reach to
provide more payment options to over one billion consumers globally.
