Ant Financial Services Group will acquire a 20 percent stake in Ascend Money, an online paymentservice provider in Thailand, according to the Ministry of Commerce. [Photo/IC]
Ant Financial Services Group, the financial arm of Alibaba Group Holding Ltd, will acquire a 20percent stake in Ascend Money, an online payment service provider in Thailand, according to theMinistry of Commerce.
As a part of Ant Financial Services, Alipay Hong Kong Corp Ltd has the right to raise the shareto 30 percent in the future, the Ministry wrote on its website on Monday.
The financial information, process for approval and schedule of the transaction have not beendisclosed.
Ascend Money's subsidiaries include online payment provider True Money and authorizedfinancial services provider Ascend Nano.
As China's leading online payment service provider, Ant Financial Services is looking to expandits overseas business portfolio.
The company's assessment value is close to $60 billion, providing services such as onlinepayment, investment management and insurance.
By Cai Muyuan (chinadaily.com.cn)