Ant Financial Services Group has announced a strategic agreement with Thailand fintech company Ascend Money.
Under the agreement Ant Financial will invest in Ascend Money, with the aim of accelerating the growth of a mobile lifestyle and digital financial services platform in Thailand and support the company's growth in Southeast Asia.
Headquartered in Bangkok, Thailand, Ascend Money operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Ascend Money targets two under-served groups, including digital consumers with its innovative mobile wallet application and the under-banked with its massive agent network.
It currently provides payment services such as domestic and international remittance, bill payment, top up services, online and offline payments and payroll services. Future services will include lending, insurance and investment.
Together with Ant Financial, Ascend Money will grow its online and offline payment and financial services ecosystem and strengthen its payment services for users and merchants. The deal represents Ant Financial’s first-ever investment in a Thailand-based company. With this partnership Ant Financial, which also runs Alipay, the largest mobile lifestyle and payment app in China, will provide Ascend Money with strategic and technical support for the growth of its business.
Leveraging Ant Financial’s capabilities in payment, Big Data, risk control and cloud computing capabilities, the partnership with Ascend Money aims to offer Thai consumers comprehensive and equal access to financial services. Ascend Money is Ant Financial’s first partner in Southeast Asia and second globally after Paytm in India.
“Ascend Money’s mission is to enable everyone access to innovative financial services, leading to better lives,” said Suphachai Chearavanont, Chairman of Ascend Group. “The shared vision of financial inclusion and company values in creating opportunity and sustainability have lead us to this partnership.”
“Ant Financial is setting its footprint worldwide, not only to provide services for its Chinese users, but to promote equal access to financial services globally,” added Ant Financial SVP Douglas Feagin.
“Partnerships are vital for Ant Financial’s growth and we want to work alongside companies around the world who share our missions.”
In early 2015 Ant Financial joined forces with Paytm, the world’s fourth largest e-wallet, to promote secured digital payment to local users in India. Ant Financial is also working with dozens of global payment partners, including Concardis, Ingenico, Wirecard and Zapper in Europe, First Data and Verifone in North America, Paysbuy and Counter Services in Southeast Asia, Recruit in Japan and KICC and ICB in Korea.