Singapore’s GIC and Temasek, as well as Malaysia’s Khazanah Nasional have joined the list of investors of Small and Micro Financial Services Group Co (Ant Financial). This follows its Series C equity funding which totalled approximately US$14 billion.
The funds raised will be used to accelerate Alipay’s globalisation plans and invest in developing technology. This is to further enhance the company’s ability to deliver “inclusive financial services to unbanked and underbanked consumers and small enterprises globally”, the statement added. The capital will also be used to bolster high-tech talent in emerging markets. This is to allow communities to take advantage of the opportunities arising from digital transformation.
Other participants in the latest funding also include Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, General Atlantic. It also includes domestic investors and existing shareholders.
Eric Jing, executive chairman and CEO of Ant Financial, said that the company is pleased to welcome these investors as partners, who share its vision and mission. This is to embark on Ant Financial’s journey to further promote inclusive finance globally and bring equal opportunities to the world.
“We are proud of, and inspired by, the transformation we have affected in the lives of ordinary people and small businesses over the past 14 years. Now, with the help of our partners, we are going to accelerate our strategy,” Jing added.
He added that Ant Financial is dedicated to building an open ecosystem with all its partners in China and beyond. The company will also continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy.
It is currently replicating the “Alipay model” by leveraging its technological know-how and risk management capability to enable its local partners to better innovate and serve individuals and businesses. This in markets such as Indonesia, Malaysia, India, Thailand, the Republic of Korea, the Philippines, Hong Kong, Pakistan and Bangladesh.