Payment provider Touch 'n Go, a subsidiary of Malaysian bank CIMB, has agreed to form an equity joint venture with Touch 'n , the parent company of Malaysian payment company Alipay. The companies will create a payments platform for online and offline mobile transactions. 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 South Korea , India and South-East Asia , the joint venture is the company's first investment in Malaysia .
Payment 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 payment company Alipay. The companies will create a payments platform for online and offline mobile transactions. 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 Korea and South-East Asia, the joint venture is the company's first investment in Malaysia.