Cross-border expansions made by Ant Group through the acquisition of 2C2P
In a move to strengthen its international presence, Ant Group, the financial services giant behind the popular Alipay mobile payment platform, has announced several significant investments and partnerships.
One of the latest additions to Ant Group's portfolio is the Singapore-based payments platform, 2C2P. The acquisition makes Ant Group the majority shareholder of 2C2P, a move that is part of a strategic partnership to extend the reach of Alipay+, Ant Group's cross-border mobile payments platform for small and medium-sized enterprises (SMEs).
2C2P's services, including payment acceptance, issuing, pay-out, and remittances, will be added to Alipay+, connecting 2C2P's merchants, primarily based in Singapore, Thailand, and Malaysia, to the extensive network of Alipay+.
Ant Group's global expansion strategy also includes investments in other international payments companies. One such investment was made in Klarna, the Swedish buy now, pay later giant. The investment was accompanied by a strategic partnership with AliExpress, Ant Group's e-commerce platform. This partnership is not limited to the UK or Singapore, but extends to strategic partnerships with AliExpress worldwide.
Ant Group's partnership with Klarna is another example of its global expansion strategy. The partnership is expected to contribute to the expansion of Klarna's services, as well as the expansion of Alipay+.
Ant Group has also entered into a joint venture with CIMB in Malaysia to develop the Touch 'n Go e-wallet. This move further solidifies Ant Group's presence in the Southeast Asian market.
In addition, Ant Group has previously invested in South Korea's Kakao Pay and acquired UK cross-border payments company WorldFirst in 2019. These acquisitions and investments have contributed to the expansion of Ant Group's network, enabling it to serve more customers across the globe.
With these strategic partnerships and acquisitions, Alipay+, Ant Group's cross-border mobile payments platform for SMEs, will extend its reach globally, connecting businesses worldwide and facilitating seamless cross-border transactions.
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