Jack Ma’s Ant Financial Services aim to strengthen its holding in the growing mobile internet markets of the region in order to raise near to 1 billion dollars in funding for startups based in India, as well as, Southeast Asia, as per a report in Bloomberg.
The financial technology firms affiliated with Alibaba intends to provide support to the startups in online finance, as well as, e-payment in the region, as informed by sources.
The development is planned to align with the interest of the firm in advancing far beyond China in the light of gradually moving the economy in its home-grown market and rivalry from Tencent Holdings, the firm leading the firm and in line with parent Alibaba Group’s core interest areas as well.
Especially, Ant has been holding a stake in Paytm, which is Indian e-commerce, as well as, payment startup and Zomato, a food delivery application. Both are amongst the leading players in their respective segments in the region.
The Jack Ma-backed firm has done investment in one-hundred and sixty firms over the past half-decade and is also searching for acquiring a virtual banking license in Singapore.
The initial product of Ant Financial was Alipay that is a payment-processing service initiated in 2004 by Alibaba, the biggest retailers, as well as, e-commerce firms in the world. At present, Ant Financial has defined a set of offers that are targeted towards the provision of inclusive finances to the masses of China.
Tags : Financial Services, financial technology, food delivery application, virtual banking,