Ant Financial, the company affiliated with Chinese e-commerce giant Alibaba, is reportedly continuing its global expansion. It is stepping into Indone
Ant Financial, the company affiliated with Chinese e-commerce giant Alibaba, is reportedly continuing its global expansion. It is stepping into Indonesia as it announced its venture to develop local financial services.
The company has worked collaboratively with Emtek, Indonesia`s second largest media company and an investor in –major e-commerce player Bukalapak, to enter Indonesia. The country has been known as Southeast Asia`s largest economy with a population of 250 million people.
The joint partnership efforts will focus on a payment platform to be released on BBM, the BlackBerry-owned service.
At the moment, the companies haven`t announced, if and what other services will be available. Ant Financial and Emtek commented somewhat vaguely that its service would be offered for “e-commerce, over-the-top (OTT) and online-to-offline (O2O) services, merchants and platforms in Indonesia.”
Emtek is said to help JV and its services gain national attention. This would be possible due to their strategic assets that include two national TV networks, publishing platforms and other online and e-commerce interests.
Ant Financial has been trying to expand its business beyond China, where its products like Alipay and digital banking reach around 450 million users. The company has invested $200 million into a similar financial technology project in South Korea. Similarly, they have closed deals with the Philippines and Thailand. The company has also bid on the the US-based MoneyGram. Yet, MoneyGram is also considering an offer from a rival payment operator Euronet.
“The services of MoneyGram and Ant Financial are highly complementary. MoneyGram, which will remain headquartered in Dallas and continue to operate under its existing brand, will be able to leverage Ant Financial’s global presence and existing network to serve more than 630 million users – including 450 million with Alipay and 180 million with India’s leading mobile payment provider Paytm – to increase MoneyGram’s transaction volume across the broad Asia-Pacific region.”, wrote Ant Financial in a press release (available at: https://www.antfin.com/newsDetail.html?id=5889f57347b9c83d18a9a4ff).
Alibaba is also said to be expanding in Southeast Asia. Time will show what will be the company`s next business move.