Ant to acquire majority stake in Singapore fintech 2C2P

ANT Group is acquiring a majority stake in Singapore-based payments platform 2C2P, adding to the Chinese fintech’s portfolio of South-east Asian investments. Ant, a digital banking licensee in Singapore, has continued to expand its regional B2B business as regulatory pressure persists in its home market.

2C2P will connect its pool of merchants with Alipay+, Ant’s enterprise cross-border payments solution, the companies said in a Monday (Apr 18) press statement. Further details on the deal were not disclosed.

“Through this complementary partnership with Ant, 2C2P will be connected to a much larger merchant base and be well-positioned to advance our international expansion strategy,” said Aung Kyaw Moe, founder and chief executive of 2C2P.

Started in 2003, 2C2P offers payment acceptance, issuing and pay-out solutions to merchants in verticals such as e-commerce, financial services and travel. It is in over 20 countries, with key regional markets including Thailand and Malaysia.

The 2C2P investment is Ant’s latest bet in the South-east Asian tech landscape. Since 2016, it has picked up stakes in several e-wallet players, including Ascend Money (Thailand), eMonkey (Vietnam), TNG Digital (Malaysia), Dana (Indonesia) and GCash (The Philippines). 

In 2020, Ant launched Alipay+, allowing SMEs to accept payments via localised e-wallets from other Asian countries, such as Touch ‘n Go (Malaysia), KakaoPay (South Korea), GCash (Philippines) and Alipay Hong Kong. Alipay+ also provides merchants with digital marketing solutions. In November, Singapore payments provider Nets will announced that it will integrate Alipay+ into its merchant portal, enabling businesses here to accept payments from regional e-wallets.

Angel Zhao, president of Ant’s international business Group, said that the company hopes to create a connected digital ecosystem across the region.