You are here

Malaysia's CIMB to partner Alipay for mobile payment platform

Monday, July 24, 2017 - 13:29

CIMB.JPG
CIMB Group Holdings Bhd, Malaysia's second-biggest bank, on Monday said its subsidiary will form an equity joint venture with Ant Financial Services Group, the parent of Alipay, to provide mobile wallet and related financial services.

[KUALA LUMPUR] CIMB Group Holdings Bhd, Malaysia's second-biggest bank, on Monday said its subsidiary will form an equity joint venture with Ant Financial Services Group, the parent of Alipay, to provide mobile wallet and related financial services.

The CIMB unit, Touch 'n Go Sdn Bhd, will be majority shareholder and Ant Financial a minority shareholder, the bank said in a statement filed at the Kuala Lumpur stock exchange.

"The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services," CIMB said in the statement.

For Ant Financial, the investment would be its first in Malaysia.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom