Internet provider Touch ' n Go , a subsidiary of Malaysian bank CIMB , has agreed to form an equity joint venture with Ant Financial Services , the parent company of Chinese telecommunications company Alipay . The venture will create a payments platform for online and offline mobile payments . Touch ' n Go will be the majority shareholder in the joint venture , and Ant Financial a minority shareholder , CIMB said . Malaysia is the first country to join the Electronic World Trade Platform (eWTP), a programme initiated by Alibaba Group executive chairman and founder Jack Ma to help small to medium-sized enterprises (SMEs) expand their trading capabilities worldwide more easily, directly demonstrating the nation’s enthusiasm in embracing technological innovation. Although Ant Financial has partnered with firms in India , South Africa and South - East Asia , the joint venture is the company 's first investment in Malaysia .
Internet provider Touch ' n Go , a subsidiary of Malaysian bank CIMB , has agreed to form an equity joint venture with Ant Financial Services , the parent company of Chinese telecommunications company Alipay . The venture will create a payments platform for online and offline mobile payments . Touch ' n Go will be the majority shareholder in the joint venture , and Ant Financial a minority shareholder , CIMB said . Although Ant Financial has partnered with firms in India , South Africa and South - East Asia , the joint venture is the company 's first investment in Malaysia .