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Apps vs alliances: The SEA playbook of rivals Tencent and Ant

Both companies’ strategies underscore their visions of South-east Asia’s fintech market potential

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    • For Tencent and Ant, capturing even a fraction of this market would provide substantial growth, yet their strategies reveal differing visions of how to succeed outside China.
    • For Tencent and Ant, capturing even a fraction of this market would provide substantial growth, yet their strategies reveal differing visions of how to succeed outside China. PHOTO: BLOOMBERG

    Ivy Yang

    Published Fri, Nov 15, 2024 · 12:01 PM

    AT THE recent Singapore Fintech Festival (SFF), Tencent and Ant Group signalled their renewed ambitions for global growth. The Chinese giants were the event’s grand sponsors.

    These companies dominate China’s digital payment space and have chosen South-east Asia as the launchpad for their vision. Their presence at SFF reflects their focus on cross-border payments – a sector projected to reach US$250 trillion in global flows by 2027.

    Driven by international trade, e-commerce, and expanding supply chains, this surge translates into US$200 billion in annual revenue for payment service providers, according to Citigroup.

    StartupsSingapore fintechmobile appsWeChatTencentAnt GroupTech in Asia

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