Ant Group to become majority shareholder in 2C2P

Fintech giant Ant Group is set to become a majority shareholder in Singapore-based payments platform 2C2P after the pair struck a deal to boost digital payment adoption in Southeast Asia.

2C2P founder and group CEO Aung Kyaw Moe / Photo credit: 2C2P

As part of the deal, 2C2P’s pool of merchants will be plugged into Alipay+, extending the former’s current 250 payment options to include more e-wallets and local payment methods. With this, merchants will benefit from a wider geographical reach, connecting to over one billion consumers globally.

The Singapore-based firm also plans to expand its global merchant coverage and develop its tech and product capabilities.

Alipay+ is a global cross-border digital payments and marketing platform that helps firms, especially small and medium-sized businesses, process mobile payment methods and reach regional and global consumers. E-wallets supported by Alipay+ include Touch ‘n Go, KakaoPay, GCash, and Alipay HK.

Meanwhile, 2C2P offers fintech services such as payment acceptance, issuing, and pay-out to merchants across verticals such as ecommerce, financial services, airlines, travel, hospitality, and retail.

See also: How fintech pioneer 2C2P grew big by capturing the online travel market

“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,” said 2C2P founder and CEO Aung Kyaw Moe.

In July 2021, 2C2P also partnered with ShopeePay, enabling the latter as a payment option for 2C2P’s merchant network, which covers five markets in Southeast Asia – Indonesia, Malaysia, Singapore, Thailand, and the Philippines.