Ant Group snaps up majority stake in 2C2P to drive digital payments

China’s Ant Group has entered a strategic partnership with payments platform 2C2P which will see the firm become a majority shareholder in the Singaporean fintech.

2C2P enters strategic partnership with Ant Group

While financial details have not been disclosed, the pair say the partnership will aim to accelerate digital payments adoption and innovation in Southeast Asia.

The deal will see 2C2P’s merchants connected to Alipay+, extending its payment option offerings to include more e-wallets and local payment methods.

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

The company has a presence across key markets in Asia, including Thailand, Singapore and Malaysia.

Its network extends across online, mobile and offline channels with over 400,000 alternative payment locations. 2C2P also provides services such as issuing, 3D Secure, bill payments and digital goods.

Ant Group is the owner and operator of Alipay, a digital payment platform in China. It introduced Alipay+ in 2020, which provides global cross-border mobile payments for businesses.

Through the partnership, 2C2P plans to expand its global merchant coverage and strengthen its tech and product offerings to serve merchants across Southeast Asia and globally.