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Ant Group
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Ant Group to take over Singapore-based payments firm 2C2P as fintech giant sharpens focus on growth, overseas expansion

  • The Chinese fintech giant has formed a strategic partnership with 2C2P under a deal that will see it become the firm’s majority shareholder
  • The move is expected to boost the payment options of Ant’s Alipay+, a cross-border digital payment service

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Ant Group’s partnership with Singapore-based 2C2P is expected to boost the payment options of Alipay+, a cross-border digital payment service. Photo: Shutterstock
Coco Feng
Ant Group, the financial technology affiliate of Alibaba Group Holding, on Monday said it has formed a strategic partnership with Singapore-based payments platform 2C2P under a deal that will see the Alipay operator become the firm’s majority shareholder.

The move is expected to boost the payment options of Ant’s Alipay+, a cross-border digital payment service introduced in 2020, which can process a wide range of mobile payment methods from around the world. Alibaba owns the South China Morning Post.

That service now has 250 payment options, including Kakao Pay in South Korea, AlipayHK in Hong Kong and Klarna in Europe. With 2C2P, those options would expand to include even more e-wallets and local payment methods, according to Ant and 2C2P’s joint statement on Monday.

2C2P offers payment acceptance, issuing, payout, as well as other value-added solutions to merchants across the e-commerce, financial services, airlines, travel, hospitality and retail sectors. It has built a strong presence across key markets in Asia including Thailand, Singapore and Malaysia.

An aerial view of Chinese mobile payments giant Alipay’s office building in Shanghai. Photo: EPA-EFE
An aerial view of Chinese mobile payments giant Alipay’s office building in Shanghai. Photo: EPA-EFE

“Combining Alipay+ and 2C2P’s secure and comprehensive payment offerings, extensive merchant coverage and deep local knowledge of the region, this partnership is a win-win collaboration built on strengths and the shared vision to accelerate the digital transformation for businesses through innovation and best-in-class payments solutions,” said Angel Zhao, president of Ant Group’s international business operations.

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