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Benzinga
Benzinga
Technology
Anusuya Lahiri

Jack Ma's Alibaba Fintech To Grab Majority Ownership Of This Payments Platform

Jack Ma BABA (Organization) Ant Alibaba Asia Alibaba Group Holding Ltd NYSE Americas China Europe
  • Jack Ma founded Alibaba Group Holding Ltd (NYSE:BABA) fintech affiliate, Ant Group, is set to become the majority investor in Singapore-based payments platform 2C2P as part of a partnership, Reuters reports.
  • The deal will integrate Ant's Alipay+ payment service with 2C2P's platform used by merchants in Asia, Europe, the Middle East, and the Americas.
  • The partnership will help 2C2P connect to a much larger merchant base positioning it to advance its international expansion strategy.
  • Also Read: Here's Why Jack Ma Led Alibaba Affiliate's IPO Got Postponed Indefinitely, How Alibaba's Ant Group Proposes To Revive Its IPO?
  • Ant had deepened its presence in Southeast Asia by investing in and partnering with fintech firms.
  • Ant recently appointed a GM for Southeast Asia to ramp up growth outside China.
  • Price Action: BABA shares are trading lower by 1.76% at $93.04 premarket on the last check Tuesday.
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