Alibaba's Ant Financial Injects USD200 Million Into South Korean Mobile Payment Firm Kakao Pay
Yicai Global
/SOURCE : Yicai
Alibaba's Ant Financial Injects USD200 Million Into South Korean Mobile Payment Firm Kakao Pay

(Yicai Global) Feb. 21 -- Alibaba's Ant Financial Services Group, an affiliate of China's biggest online retailer Alibaba Group Holdings Ltd., will invest USD200 million in Kakao Pay, a mobile payment service operated by the leading South Korean social media company, Kakao Corp [KOSDAQ:035720], both companies announced in a joint statement today.

China's e-commerce giant Alibaba's financial arm Ant Financial called the deal as part of its globalization drive. It acquired American money transfer service provider MoneyGram International for USD880 million last month, and injected capital into Mynt, which is a wholly-owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe and Ayala Corp., and operates GCash and Fuse Lending in the Philippines.

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