Following this acquisition, Ant Group aims to accelerate its expansion process into the Western payment markets. The transaction is currently subject to regulatory approval, and it is expected to value MultiSafepay at around USD 200 million, including USD 50 million in revenue.
Ant Group is expected to purchase 100% of MultiSafepay. Besides these details, the companies did not disclose any other information regarding the terms and conditions of the acquisition.
Ant Group, the fintech affiliate of Alibaba Group Holding, had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In December 2023, Ant Group announced its partnership with China-based Huawei Technologies in order to develop a dedicated version of Alipay. This new solution was set to be developed for HarmonyOS, Huawei’s native smartphone operating system. Following this collaboration, the companies were expected to provide benefits to users and traders of both Alipay and Huawei’s range of devices. In addition, it also focused on reflecting Huawei’s shift from the Android operating system.
According to the press release published at the time, this strategic deal was set to ease user experience across multiple applications as well. Both of the companies were expected to boost operational efficiency for merchants and traders who were engaged in both ecosystems. In order to complete this process, Huawei’s officials mentioned that this partnership represented a step forward in the development of native applications for HarmonyOS in the region of China.
Earlier in November 2023, Luxembourg-based financial services company Banking Circle announced its collaboration with Ant Group in order to work on a new liquidity management project. Following this announcement, Banking Circle was expected to develop a liquidity management project that focused on technology innovations related to secure and efficient tokenised settlements. This process aimed to improve the speed of global fund settlements.
In addition, the partnership leveraged Banking Circle’s infrastructure and Ant Group’s blockchain platform in order to issue and distribute tokenised deposits. The blockchain platform was designed to facilitate cross-border payments and improve the overall liquidity management. At the same time, the structure was created to be Web3 compatible, which offered potential cost-saving opportunities with the incorporation of foreign exchange (FX) and additional currencies in the future.
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