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China’s Ant Group to be Majority Owner of Payments Firm 2C2P


Beijing pulled the plug Ant's $37 billion IPO after a 2020 speech in which Ma said financial watchdogs were stifling innovation.
Man walks past an Ant Group logo in Shanghai. Photo: Reuters.

 

Ant Group, the fintech unit of China’s Alibaba Group, is set to become the majority investor in Singapore-based payments platform 2C2P as part of a partnership, the companies on Monday.

The deal will lead to the integration of Ant’s Alipay+ payment service with 2C2P’s platform used by merchants in Asia, Europe, the Middle East and the Americas.

Ant has over the years deepened its presence in Southeast Asia by investing in and partnering with fintechs, and recently appointed a general manager for the region to ramp up growth outside of China.

“Through this complementary partnership with Ant Group, 2C2P will be connected to a much larger merchant base and be well-positioned to advance our international expansion strategy,” Aung Kyaw Moe, founder and chief executive officer of 2C2P, said in a statement.

 

  • Reuters with additional editing by Jim Pollard

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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