This archive report was first published on 3 December 2019.
Published on December 3, 2019, Ant Financial, the world's highest-valued fintech company, is set to spend $1 billion in expansion plans for India and Southeast Asia.
The funds will be used to invest in payments and fintech startups in the region, with a focus on technologies and specific use cases related to online payments.
According to Ji Gang, vice president of Ant Financial, the company will leverage blockchain, artificial intelligence, security, and the internet of things to speed up the development of small and medium-sized financial institutions.
Notably, Ant Financial has a history of investing in the region, having acquired a 25% stake in India's One97 in 2015, the parent company of fintech firm Paytm.
As an affiliate company of the Chinese Alibaba Group, Ant Financial is well-positioned to drive growth in the fintech sector in India and Southeast Asia.
