Ant Group, an Alibaba-owned internet financial services company, announced Monday that it has reached a strategic partnership with Singapore-based payment platform 2C2P, aimed at jointly accelerating the promotion and use of digital payment and service innovations.
According to the agreement, Ant Group has reached a deep cooperative relationship with 2C2P by means of strategic investment. As one of the market leaders in the payment industry in Southeast Asia, 2C2P connects 250 payment methods in Thailand, Singapore, Malaysia and other markets, providing payment settlement and other value-added services for businesses in industries including e-commerce, financial services, airlines, tourism, hotels and retail.
Angel Zhao, President of Ant Group’s International Business Group, issued the following comments: “This partnership is a win-win collaboration. 2C2P has deep roots in Southeast Asia and serves a vast number of businesses. We believe that through innovative and first-class payment solutions, the digital transformation of businesses can be accelerated and an interconnected digital ecology for the local market can be created.”
Aung Kyaw Moe, Founder and CEO of 2C2P said in a statement: “2C2P will be connected to a much larger merchant base and will be well-positioned to advance our international expansion strategy.”
Market insiders pointed out that this represents another major move by Ant Group to accelerate its internationalization, especially in Southeast Asia, which will help its “Alipay+” suite of cross-border digital payments and marketing solutions.
In 2020, Ant Group launched Alipay+ global cross-border mobile payment solutions, which has now covered more than 1 million offline merchants. At present, It has been connected to more than 10 major Asian e-wallet service providers, such as Kakaopay in South Korea, GCash in the Philippines and AlipayHK in Hong Kong. In terms of merchant coverage, it has recently accelerated its arrival in Europe and other regions of Asia.