Ant Financial Announces Tie-Ups With South Korean, Philippine Electronic-Payment Firms

By Yang Ge

(Beijing) — Ant Financial Services Group said it will invest in a South Korean electronic-payments venture and a similar Philippine company as it seeks business tie-ups outside China to complement its popular Alipay electronic payment service.

The South Korean tie-up will see Ant, the former financial unit of e-commerce giant Alibaba Group Holding Ltd., invest $200 million in Kakao Pay Corp., the mobile finance unit of local social networking specialist Kakao Corp., the companies announced on Tuesday.

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