Ant Financial Eyes Growing Cashless Payment Market in South America
Xu Zuwei
/SOURCE : Yicai
Ant Financial Eyes Growing Cashless Payment Market in South America

(Yicai Global) July 11 -- Ant Financial Services Group, the world's largest fintech company, aims to capitalize on the growing use of mobile payments in South American and African countries as it looks for new global expansion opportunities over the next five years.

The Hangzhou-based Alipay operator will prioritize emerging markets on both continents as part of efforts to piggyback on an anticipated wider acceptance of mobile payments overseas, International Investment Director Kenny Man said at a venture capital forum in Hong Kong.

Electronic wallet services will provide more secure transactions compared with cash in countries such as Brazil, Man said, adding that digital platforms in the sector will need to remain vigilant against risks such as cyber-attacks.

The Alibaba-affiliate offers its expertise and skills for those tackling these risks, which can add value for potential partners, he said. The company is also exploring the benefits of using blockchain technology in such cases.

Ant Financial has carved out nine partnerships over the past three years with local firms in countries including South Korea, Pakistan and Bangladesh, Man said, adding that the enterprise will strive to continue to expand in these regions.

Editor: William Clegg

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Keywords: ANT FINANCIAL , South America , Africa , Cash-Free Payment