BEIJING, July 25 (Xinhua) -- Malaysia's second-largest group, Touch'n Go Sdn Bhd, announced they will provide mobile wallet and related financial services in partnership with Alipay's Ant Financial on July 24.
Touch'n Go Sdn Bhd (TNG) and Ant Financial on Monday signed an agreement in which TNG will be the majority shareholder, according to a joint statement.
"The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services," CIMB said in the statement.
Ant Financial has been teaming up and enabling local partners in India, the Republic of Korea and southeast Asia and has leveraged its technology capability to help overseas companies to provide digital payment and innovative financial services to local users.
Malaysia is the first country to join the Electronic World Trade Platform (eWTP), a scheme initiated by Alibaba Group executive chairman and founder Ma Yun to help small to medium-sized enterprises expand their trading capabilities worldwide through digital platforms.
Alibaba Group signed a memorandum of understanding in May this year with Malaysia Digital Economy Corporation (MDEC), Malaysia’s digital economy development agency, and the Hangzhou Municipal People's Government to connect the first e-hubs in the two countries under the eWTP, initiated by the e-commerce giant. The three parties agreed to work together to explore potential strategic collaborations and seek to enable the building of infrastructure for seamless cross-border e-commerce trade between Malaysia and China. Enditem
A single purchase
