Alibaba's financial services affiliate is set to take a 20% stake in Thailand-based Ascend Money, shortly after investing $35m in Shanghai Suntime Information Technology.
Online financial services provider Ant Financial plans to acquire a 20% stake in Thailand-based online payment company Ascend Money, Reuters reported on Saturday.
Ant Financial, an affiliate of e-commerce group Alibaba, intends to take an initial 20% together with an option to boost its share to 30%, according to a notice on China’s Ministry of Commerce. No financial terms were listed.
Spun out of conglomerate True Corporation in 2014, Ascend oversees online payment service True Money and microfinance and loan…
