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China’s Ant Group has entered a strategic partnership with the global payment platform 2C2P to accelerate digital payment adoption and innovation. Upon confirmation, the partnership will establish Ant Group as the majority shareholder of 2C2P.
Why it matters
The deal will allow 2C2P’s extensive pool of merchants, inclusive of global and regional brands, to be connected with Alipay+. The move will extend the platform’s 250 payment options to include even more e-wallets and local payment methods.
On the back of the partnership, 2C2P plans to further expand its global merchant coverage, in addition to strengthening its technology and product capabilities to better serve merchants across Southeast Asia and globally.
Context
2C2P is a full-suite payments platform headquartered in Singapore, with a strong presence across key markets in Asia including 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 across verticals such as e-commerce, financial services, airlines, travel, hospitality, and retail, all of which are rapidly digitalizing their operations since the onset of the pandemic.
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. Leading e-wallets supported by Alipay+ include Touch ‘n Go eWallet (Malaysia), KakaoPay (South Korea), GCash (Philippines), Alipay HK (Hong Kong), etc.
