Ant Financial Gains Foothold In Thai Payments Company

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China's Ant Financial and Thailand's payment enterprise Ascend Money signed a strategic cooperation agreement in Hong Kong.

Ant Financial will implement a strategic investment in Ascend Money and deliver its Alipay model to Thailand, as the company aims to serve over half of Thai netizens in the next five years.

Douglas Feagin, president of Ant Financial's international business unit, said that Ant Financial's globalization push will benefit overseas users and micro enterprises.

Under the strategic cooperation agreement, Ant Financial and Ascend Money will implement cooperation in product technology, business models, and market operations in addition to capital cooperation. Ascend Money will use Ant Financial's business model to expand payment services to allow Thai users to realize shopping and consumption payments with smartphones. M...

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