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Chinese fintech Ant Group doubles global expansion with Alipay+

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Ant International

Chinese fintech giant Ant Group is looking to strengthen its global presence through its digital offering, Alipay+, seeking to connect mobile payment apps across the world.

“What we’ve found is that people want to use their home e-wallet when they travel abroad. So they don’t want to load their card into another app that they’re not familiar with,” Douglas Feagin, senior vice president of Ant Group, a subsidiary of the Chinese tech giant Alibabahe told CNBC.

The group’s global division, Ant International, introduced Alipay+ in 2020, allowing foreigners to use apps from their home countries to make payments in China by scanning QR codes from Alipay – Ant Group’s largely market-focused platform internally – and in other countries via local partners.

“We see a huge opportunity for expansion and the relatively broad coverage we have in Asia – we [would] I’d like to replicate that in places like the Middle East, Latin America and Europe,” Feagin said. “People from all these regions are going to other regions, so a great opportunity for expansion.”

Ant had invested in country-specific e-wallets across Asia, but CEOs wanted to take their products abroad, said Feagin, also president of Ant International.

The company had some cross-border tourism activity from customers traveling outside China, Feagin said, but it was “mostly focused on where Chinese tourists go.” Ant had entered Europe AND the United Stateswhere Chinese tourism was booming before the Covid-19 pandemic, through Alipay.

Ant, with its Alipay+ offering, seeks to make the most of its first forays into these markets.

“We had the advantage that Alipay was already accepted by many merchants around the world, so one of our first steps was [to] convert these merchants into Alipay+ merchants. So instead of just accepting one wallet, they can accept many wallets,” Feagin said.

According to Alipay+, it now connects 88 million merchants in 57 countries and regions to 1.5 billion consumer accounts across more than 25 e-wallets and banking apps. Ant.

As part of its overseas business expansion, Ant has purchased stakes in several companies such as Singapore payments company 2C2P in 2022 and South Korea’s Kakao Pay in 2017.

Ant has also partnered with domestic digital payment services such as Singapore SGQRMalaysia DuitNowQR AND South Korea’s ZeroPay last year.

“Ant Group’s initial vision for global expansion was centered on Southeast Asia. The company has acquired strategic stakes in e-wallets in all major economies in Southeast Asia,” said Zennon Kapron, founder and director of Kapronasia consultancy company. January report.

Ant is also expanding into emerging markets such as Sri Lanka as well as Cambodia. The company has also expanded into Europe and the Middle East, partnering with European e-wallets Tinaba in July last year and Nexi even in February Dubai Duty Free in the Middle East earlier this year.

There are also growth opportunities in the company’s established markets such as Singapore and South Korea, for example many people use mobile payments in China, but still far fewer than people in other countries, Feagin said.

“There is huge room for growth. I think a lot of people only think about using traditional payment methods when they go abroad.”

“When you think about large markets that receive a lot of tourists, such as Thailand and Japan, the growth potential for mobile app payments is huge.”

“Following the restructuring imposed by Chinese regulators which occurred in conjunction with various geopolitical tensions that affected its ability to expand in certain markets, Ant changed its global expansion strategy. The result was Alipay+ which aims to resolve the interoperability issues for e-wallets,” Kapron said.

The company initially targeted countries with large populations to quickly expand its user base, Feagin said. It also looked at key tourist destinations such as Japan, Thailand and Singapore.

“These are great markets for people who want to come and visit them and so we’ve been very focused on building their business coverage there,” Feagin said.

And now it’s doubling down on its global expansion, with its sights set on European, Latin American and Middle Eastern markets.

– CNBC’s Evelyn Cheng contributed to this report.



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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

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Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

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Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Rakuten Delays FinTech Business Reorganization to 2025

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Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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