Ant Financial has been on a year-long quest to extend its reach beyond China.
It made inroads towards that goal last week with its purchase of HelloPay, a payments firm that was previously owned by Lazada, a company in which Alibaba had already made a large investment in.
More from TechInAsia:
Following the merger, HelloPay will be rebranded as Ant Financial’s online and mobile payment solution, Alipay. In its respective markets, it will be known as Alipay Singapore, Alipay Malaysia, Alipay Philippines, and Alipay Indonesia.
The HelloPay team will also join Ant Financial in its Singapore office. After the merger, the Chinese financial services company will be in charge of operating the rebranded HelloPay payment solution.
However, all of HelloPay’s features and services will remain unchanged. The rebranded HelloPay will stay separate from Alipay and continue to provide payment services on Lazada’s platform.
More on Ant Financial’s busy year, from TechCrunch:
[Ant] recently set up a joint venture in Indonesia, and has made investments in Korea, and created similar alliances in the Philippines and Thailand. Ant Financial is also on the cusp of buying U.S.-based cross-border remittance Moneygram for $1.2 billion following a bid from rival payment operator Euronet.
Alibaba, meanwhile, is planting roots in Southeast Asia following last year’s Lazada investment. It recently announced plans for a cross-border e-commerce hub in Malaysia, and, as TechCrunch reported last month, it is in discussions to buy out the remainder of Lazada.
Photo by Charles Chan via Flickr CC License