Ant Group, the Chinese FinTech unicorn and subsidiary of Alibaba, is making a splash in the global payment network with an investment in a multi-pronged payment platforms provider. The company, 2C2P, founded by Singaporean businessperson Aung Kyaw Moe, has been in existence since 2003, and assists companies in streamlining electronic funds processing via mobile wallets,remittances, and online banking. The move will cement Ant Group as the company’s biggest shareholder with a full suite of merchants operating on the firms Alipay+ digital payment system.
The investment, which will take place for an undisclosed amount was announced Monday, and provides access to more than 250 payment options that will become available to existing and future clientele. Ant Group’s digital currency system has already crossed borders among partnerships with South Korea, Indonesia,Europe and the Philippines with various financial integrations. Like its predecessor, the original Alipay, which mainly operates under currencies located in and around China, Alipay+ would be in the running to capture a large market share of customers outside the region that lack payment options across multiple borders. Having a user base that exceeds 1 billion clients, the move will likely give the company the growth accelerant needed to establish dominance,increase value, and reattempt a run at what could be the world’s largest initial public offering.
