China’s Ant Financial Services Group said on Monday it wanted to increase operations in Japan by partnering with at least one payment firm, amid a rapid Asia expansion and a US$1.2 billion bid for US transfer service MoneyGram International.
Ant, the finance affiliate of Alibaba Group Holding, has in the past few months completed strategic investments in payments ventures across Asia, including Thailand, South Korea, Indonesia and the Philippines.
“In Japan, there [is a] strong need of financial services from small and micro enterprises, and Ant is willing to share its standards and experience with local partners,” a company spokesman said.
She declined to provide a timeline for the company’s expansion plans in the world’s third-largest economy.
Ant also plans to double the number of Japanese stores that accept Alipay, the firm’s flagship payment app targeting Chinese tourists, to more than 45,000 this year.
Alipay currently operates in Japan through 10 partners, including Orix Corp, Origami Pay, Orico Corp and Jaccs.