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 business-to-business (B2B) activity 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.