Ascend Money to grow customer base to 100 million by 2020

Singapore

ASCEND Money - a South-east Asian financial technology firm backed by e-commerce giant Alibaba and Thai conglomerate CP Group - aims to grow its customer base by about five times to 100 million consumers by 2020, by actively tapping the unbanked population in this region.

Its ambitions, annnounced in a recent press briefing, comes as it hit a total payment volume of US$5 billion in the region last year, translating to a five-time jump in volume from 2016.