Apr 19, 2022 08:53 PM

FINANCE

Ant Group to Acquire Singaporean Payment Platform 2C2P

By Kelsey Cheng

Ant Group and Singapore-based payments platform 2C2P have entered a partnership which will see the Alibaba Group fintech unit become the latter's majority shareholder, the companies announced. Photo: 2C2P

Ant Group and Singapore-based payments platform 2C2P have entered a partnership which will see the Alibaba Group fintech unit become the latter's majority shareholder, the companies announced. Photo: 2C2P

Ant Group Co. Ltd. plans to acquire a Singaporean payment platform, as the Chinese fintech giant looks to boost growth in the promising Southeast Asian market while its efforts to get back into domestic regulators’ good graces near completion.

The deal with 2C2P Pte. Ltd., announced Monday, will make Ant Group its majority shareholder upon completion. No figure was given for the cost of the acquisition. 2C2P operates in Asian markets including Singapore, Thailand and Malaysia.

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