Ant Financial will focus on cashless payments in South America and Africa in next 5 years
According to the South China Morning Post (SCMP), Ant Financial believes that mobile wallet applications will become the next major technology trend in emerging markets in South America and Africa.
Kenny Man, head of international investment at Ant Financial, said that in the next five years, the key markets for global cooperation will be South America and Africa. A clear trend is emerging, and mobile wallet applications and mobile internet based financial transactions will be widely used in emerging market economies.
In the past three years, as a financial technology company under the Alibaba Group, Ant Financial has reached nine cooperation. Kenny Man said that in Asia, Ant Financial has established partnerships with local companies in South Korea, Pakistan, Bangladesh and Hong Kong, and will continue to expand its business in the region in the future.
“China has crossed the traditional credit card and entered the era of mobile wallet by mobile money POS directly. The same transformation will be more thorough and rapid in different parts of the world, and people will embrace mobile payments,” said Kenny Mann.
Ant Financial is increasingly actively expanding its technology and expertise by collaborating in emerging markets in Asia. The company just completed a $14 billion Series C round of financing in June, with major investors including Temasek, the Canada Pension Plan Investment Committee, the large private equity fund Carlyle Group and the Singapore Government Investment Corporation.
In April, Ant Financial acquired a 10% stake in bKash, Bangladesh's largest mobile money transfer provider. The purchase amount is unknown. The deal also includes another 10% of stock options. According to media reports, bKash plans to use a technology similar to Alipay to launch a mobile payment application based on QR code by QR payment POS.
In March, Alipay established a partnership with the telecom bank of the Pakistani bank Telenor, a subsidiary of Norwegian telecommunications giant Telenor. Alipay has invested $184.5 million in it, and through this partnership, Ant Financial will help Telenor develop mobile payment and digital financial services based on android POS terminal.
Speaking at a venture capital forum in Hong Kong on Monday, Kenny Mann said that in countries such as Brazil and North America, mobile wallet services that are safer than cash should be rapidly popularized.
However, Kenny Mann acknowledges that these digital platforms face risks such as cyber attacks from organized criminal groups.
He added that Ant Financial has the technical expertise and expertise to manage these risks, which are qualities that potential partners value.
In cooperation with the Philippines micropayment service GCash, Alipay Hong Kong launched a blockchain-based cash remittance service last month. The company is a joint venture between Ant Financial and Changjiang Hutchison.
This service supports cash transfers between the Philippines and Hong Kong.
Kenny Mann said that in the future, Ant Financial will seek to take advantage of the blockchain in other application scenarios.
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