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Ant Group buys Singapore’s 2C2P to further global payments ambitions


Quietly, Alibaba’s fintech affiliate Ant Group has been building a global cross-border payments network by partnering with or investing in third-party e-wallets, banks, remittance services and other ecosystem players.
The latest added to Ant’s alliance is 2C2P, a Singapore-based company that helps enterprises in Southeast Asia move money across borders. According to an announcement released on Monday, Ant will form a strategic partnership with 2C2P and become its largest shareholder, though a figure for the acquisition wasn’t disclosed. With the deal, the Singaporean firm’s network of merchants will be plugged into Alipay+, Ant’s cross-border payments platform.
“Through this complementary partnership with Ant Group, 2C2P will be connected to a much larger merchant base and be well-positioned to advance our international expansion strategy,” Aung Kyaw Moe, founder and CEO of 2C2P, said in a statement, adding that the partnership will help extend the company’s “current 250 payment options” to include more e-wallets and payments methods.
Rather than building its own country-specific wallet from the ground up and acquiring …

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