Alibaba’s Finance Affiliate Invests in Thailand Fintech Company Ascend Money

Ant Financial, the fintech affiliate of Alibaba, announces plans to invest in Ascend Money, a Thailand-based fintech company that operates payments service TrueMoney and Ascend Nano for lending. Besides Thailand, Ascend Money also has presence in 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”, according to Ant Financial.

In 2015, Ant Financial and Alibaba invested in Indian fintech company, Paytm.

Alipay, the payment service of Ant Financial, had been available at over 80,000 retailers in some 70 foreign countries and regions as of September 2016, according to Ant Financial. The company’s global partners in payments include 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.

The latest release of Apple’s App Store for China has added Alipay.