Ant Group expanded Alipay+ by investing in Singapore-based payments platform 2C2P

April 19, 2022 0 Comments

Chinese fintech giant Ant Group announced that it has become the majority shareholder of 2C2P, a major Singapore-based payments platform. The investment is a result of a strategic partnership of both sides “to accelerate digital payment adoption and innovation”, accroding to the announcement.

Headquartered in Singapore, the 19-year-old 2C2P has a strong presence in Asian markets such as Thailand, Singapore and Malaysia. A market leader in the Southeast Asian payments industry, 2C2P offers payment acceptance, issuing, pay-out, as well as other value-added solutions and services to merchants who are in the movement of rapidly digitalising since the onset of the pandemic.

Aung Kyaw Moe, Founder and CEO of 2C2P, said to PingWest, “Digital payment adoption has accelerated rapidly in recent years, spurred by the pandemic, with mobile wallet payments widely gaining momentum across Asia. Through this complementary partnership with Ant Group, 2C2P will be connected to a much larger merchant base and be well-positioned toadvance our international expansion strategy. I am confident that 2C2P will be able to scale new heights, and build an unparalleled and robust range of payment solutions that will deliver maximum value and impact to our merchants and partners.”

After the investment, 2C2P’s merchants and brands, along with the platform itself will be join Alipay+, a collective suite of global cross-border digital payments of 250 options across the Ant Group’s financial partnerships around the globe.

Introduced by Ant Group in 2020, Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach regional and global consumers. The Alipay+ bundle includes Malaysia’s Touch ‘n Go eWallet, KakaoPay of South Korea, GCash of Philippines, Alipay Hong Kong and more.

“Combining Alipay+ and 2C2P’s secure and comprehensive payment offerings, extensive merchant coverage and deep local knowledge of the region, this partnership is a win-win collaboration built on strengths and the shared vision to accelerate the digital transformation for businesses through innovation and best-in-class payments solutions,” said Angel Zhao, President of Ant Group’s International Business Group. “We look forward to supporting businesses’ digitalisation together and creating a connected digital ecosystem across markets in the region.”

Feature image: Ant Group

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