Ant Group plans to spend part of its IPO proceeds on overseas expansion. Photo: Bloomberg
Where will Ant Group’s next billion users come from as it ploughs its jumbo IPO proceeds into overseas expansion?
- The online payments giant is targeting emerging markets including Southeast Asia, South Asia, Africa and the Middle East, say people familiar
- Ant’s future expansion plans face obstacles such as rising US-China tensions, protectionist regulations and entrenched local players
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Ant Group plans to spend part of its IPO proceeds on overseas expansion. Photo: Bloomberg