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Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial is planning to purchase a 20% stake in Thailand’s Ascend Money in a bid to become a key financial services player in Southeast Asia. An investment into Ascend Money, parent of True Money and Ascend Nano would help Ant Financial expand its online payments and small loans business in Southeast Asia.

“The company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.”

~ Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa

Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa in April told the Bangkok Post the company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.

Related Reports: Bloomberg, Reuters

 

About Ascend Group

We provide scalable, cost-effective end-to-end eCommerce platform and services, with fulfillment solution that enhances delivery efficiency for both online and offline sales channels, ePayment and lending, eService business providing comprehensive digital marketing solutions, world-class data centers and cloud services and venture capital.

Visit: Ascend Group

 

About True Money

Thailand’s premier online payment brand, encompassing multiple solutions that help facilitate various transactional needs. TrueMoney provides several platforms for the community including;

  • Wallet by TrueMoney – a smartphone application enabling people to manage their daily transactional needs
  • WeCard by MasterCard – a virtual and physical debit card brand for both online and physical payments designed specifically with the user in mind, and seamlessly integrated within Wallet
  • TrueMoney CashCard – Built for online gamers in mind, CashCard facility provides an easy way to convert physical money into virtual cash. Available nationwide at all 7-Eleven stores, CashCard can be also used to Top Up cash on TrueMoveH’s Prepaid mobile services
  • PayPoint & PayPoint Auto – Designed for self-services (Kiosk) and rural areas through partner, PayPoint provides people with access to bill payments.

Visit: True Money


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