THELOGICALINDIAN - Ant Banking Casework Group the advance and banking arm of the Chinese amassed Alibaba Group has added adequate the aggregation ballast in all-around payments and banking casework industry The aggregation accepted for Alipay has afresh invested in a South Korean adaptable payments account business
According to the reports in South Korean bounded media, Ant Financial Services has invested about $200 actor into Kakao Pay. As per the agreement of investment, the adaptable agent company, Kakao will abstracted Kakao Pay from the primary business to actualize a new accessory — Kakao Pay Corp. Soon after, the agenda payments belvedere will be synchronized with Alibaba’s Alipay to accredit users to about-face amid both the platforms seamlessly.
The CEO-elect of Kakao Pay, Young-Joon Ryu was quoted by the Korean media saying,
“The aggregate of Ant Financials all-around acquittal belvedere Alipay and abundant banking and business account networks and Kakao’s belvedere capabilities will aftereffect in added able and acceptable banking solutions for both businesses and consumers,”
Alibaba Group is one of the arch names in the payments and e-commerce industry. The aggregation has been alive relentlessly on creating new age banking articles and casework by application blockchain technology. On the one hand, the aggregation is bolstering its abstruse capabilities by developing broadcast balance applications for payments industry while on the added it is adamant accretion its attendance beyond the world. The account of contempo investments fabricated by Alibaba Group through altered entities indicates the company’s ambition to widen its brand in the all-around banking ecosystem.
In accession to accepting admission to the South Korean market, the advance in Kakao Pay will accredit Alibaba/ Ant Financial to onboard bags of alive users in the region. It will additionally accomplish it easier for bodies in South Korea to boutique on Alibaba, AliExpress and added Alipay affiliated arcade portals.
In the accomplished few months, the banking casework aggregation has invested in assorted companies beyond the world. The latest one was in Mynt, a Philippines-based wallet account platform. Other cogent investments accommodate Thailand’s Ascent Money and the accretion of MoneyGram (pending approval).
Alibaba is already alive on amalgam blockchain technology into its Alipay acquittal service. Upon acknowledged integration, the aggregation could extend the broadcast balance technology to added acquittal networks as well.
