“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,” said Ant Financial CEO Eric Jing 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 said it would use Ant Financial's technology in its own operations. 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.
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 said it would use Ant Financial's technology in its own operations. 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.