- Ant Group, which is the financial technology company affiliated with Alipay, said that it had bought the Singapore-based company 2C2P.
- The companies are now set to join in a strategic partnership, and Ant Group will become the biggest shareholder in 2C2P.
- “Combining Alipay+ and 2C2P’s secure and comprehensive payment offerings, extensive merchant coverage and deep local knowledge of the region, this partnership is a win-win collaboration built on strengths and the shared vision to accelerate the digital transformation for businesses through innovation and best-in-class payments solutions,” said a senior figure at Ant Group.
Ant Group, a major provider of financial services to the Chinese market, has announced that it has purchased a company based in Singapore.
Ant Group, which is the financial technology arm of Chinese company Alibaba, has announced that it has purchased 2C2P.
The two companies will now enter into a strategic partnership.
Ant Group will become 2C2P’s biggest shareholder.
It will also see 2C2P added to the Alipay+ international money transfer platform.
However, the purchase amount has not been disclosed.
This latest decision by the company will see Ant Group enhancing its growing financial network.
At present, this includes a number of e-wallet providers as well as remittance companies and banks.
In a statement, a senior figure at 2C2P said that the two firms will enter into a “complementary” link to enhance the size of the merchant base.
Aung Kyaw Moe, who is the founder and chief executive officer of the company, said that this will lead to an improved global expansion push.
“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,” he said.
For Ant Group, meanwhile, the president of the International Business Group said that bringing together the two companies through secure payment offerings and more meant that the connection was “win-win”.
Angel Zhao argued that the collaboration was “built on strengths” and that there was a “shared vision” behind what the two companies wanted.
“Combining Alipay+ and 2C2P’s secure and comprehensive payment offerings, extensive merchant coverage and deep local knowledge of the region, this partnership is a win-win collaboration built on strengths and the shared vision to accelerate the digital transformation for businesses through innovation and best-in-class payments solutions,” she said.
She went on to say that the company was looking ahead to helping firms enhance their digitalisation journeys across different markets in the area.
“We look forward to supporting businesses’ digitalisation together and creating a connected digital ecosystem across markets in the region,” she explained.
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