Alibaba's financial subsidiary Ant Financial reportedly plans to acquire a 20% stake in Ascend Money, an electronic payment and small loan company in Thailand, to expand its market in Southeast Asia.
A statement from the official website of Ministry of Commerce of China revealed that Ant Financial also hopes to gain options to increase its shareholding of Ascend Money to 30%. The Ministry is currently reviewing this acquisition proposal.
Ascend Money is the parent company of electronic payment company True Money and individual and enterprise finance company Ascend Nano. True Money provides debit cards and electronic wallets and it has a financial service license in several important markets in Southeast Asia. Ascend Nano is a provider of small loans and personal loans. With employees all over Southeast Asia, the company aims to expand its e-c...
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