Ant Financial, parent company of Alipay, formed a joint venture with payment card company Touch n’ Go (TNG) to launch a mobile wallet targeted at the Malaysian market.
In a joint statement, the companies said the venture would create a “world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services.”
TNG is a subsidiary of Kuala Lumpur-based international bank CIMB. It currently provides contactless payments and loyalty card systems for a range of uses including for use with transport services in the country.
Its latest JV fits with Ant Financial’s strategy, revealed in May, of partnering with companies already present in target markets to expand its reach – a tactic it previously used in Indonesia, South Korea, Thailand and the Philippines.
Ant Financial CEO Eric Jing said: “To bring digital financial inclusion to more people across the world, Ant Financial takes an approach of collaborating with strategic partners overseas and enabling them with its innovative solutions.”
“Given TNG’s leading position in the market and vast customer base, we believe that we can help it to offer exciting and innovative products to Malaysian consumers.”
The JV is subject to regulatory approvals.