China’s Ant Group is set to acquire a majority holding in Singapore-based payments platform 2C2P as a part of a strategic partnership to accelerate digital payment adoption.
Financial terms of the deal were not disclosed.
2C2P specialises in payment acceptance, issuing, pay-out, as well as other value-added solutions and services.
The firm, which has a footprint in Asia4x Thailand, Singapore and Malaysia caters to merchants across Asia in industry verticals such as e-commerce, financial services, airlines, travel, hospitality, and retail.
The tie-up will provide 2C2P’s merchant base access to Ant’s cross-border digital payment service Alipay+ and expand its current 250 payment options to include additional e-wallets and local payment methods.
It will also help merchants benefit from expanded geographical reach, connecting them to more than one billion consumers worldwide.
2C2P founder and CEO Aung Moe said: “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.
“I am confident that 2C2P will be able to scale new heights, and build an unparalleled and robust range of payment solutions that will deliver maximum value and impact to our merchants and partners.”
2C2P intends to tap the partnership to further bolster its global merchant coverage and strengthen its technology and product capabilities.
Ant Group International Business Group president Angel Zhao said: “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.”