Online financial services provider Ant Financial plans to acquire a 20% stake in Thailand-based online payment company Ascend Money, Reuters reported on Saturday.
Ant Financial, an affiliate of e-commerce group Alibaba, intends to take an initial 20% together with an option to boost its share to 30%, according to a notice on China’s Ministry of Commerce. No financial terms were listed.
Spun out of conglomerate True Corporation in 2014, Ascend oversees online payment service True Money and microfinance and loan provider Ascend Nano. The proposed investment will help China-based Ant Financial to expand in Southeast Asia.
Ant Financial also paid $35m for a 20% stake in China-based financial data provider Shanghai Suntime Information Technology earlier this month, according to Reuters, which cited a source with direct knowledge of the transaction.