Ant Financial enters Indonesia with mobile payments partnership
Alibaba Group affiliate Ant Financial Services is making its first foray into Indonesia with plans to launch a new mobile platform for payment and other financial services in partnership with a local firm.
Ant Financial, operator of China’s popular online payment platform Alipay, announced on Wednesday that it will set up a joint venture with Indonesian digital company Emtek.
Without disclosing the size of the investment, the two companies said the joint venture will leverage Ant Financial’s experience and know-how in mobile payment, digital financial innovations, risk control and cloud computing.
To begin with, the new payment platform will be offered on BBM, Indonesia’s most commonly used messenger application, which is operated by a subsidiary of Emtek and has a user base of over 63 million monthly active users.
“Ant Financial has proven know-how in delivering payment and other financial solutions to a large and growing mobile audience in China and enabling its partners globally, and we are looking forward to replicating and creating this success in Indonesia,” said Alvin Sariaatmadja, CEO of Emtek.
The partnership with Emtek is the latest move in Ant Financial’ global expansion. The Hangzhou-based company is counting on partners outside China to bring its model of online finance and local services to emerging Asian markets.The goal is to serve 2 billion users worldwide by 2026.
At the moment, Ant Financial provides a wide range of digital financial services to over 450 million users in China and beyond.
Through its flagship Alipay app, users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, purchase wealth management products and manage their finances. Alibaba is the owner of the South China Morning Post.