Ant Financial takes over Lazada’s helloPay payment platform
Ant Financial, the payment affiliate of Chinese e-commerce giant Alibaba Group, has snapped up Singapore-based payment service helloPay Group for an undisclosed sum.
helloPay, the payment arm of e-commerce firm Lazada Group, operates in Singapore, Malaysia, Indonesia and the Philippines. Last year, Alibaba acquired a controlling interest in Lazada for $1bn.
helloPay will now be rebranded as Alipay. The features and services of helloPay will however, remain unchanged and the service will remain independent of Alipay's mobile app.
Employees of helloPay will join Ant Financial Services Group as part of the deal.
Ant Financial senior vice president Douglas Feagin said: “There will be no impact to helloPay’s users and payment partners. We will continue to innovate and provide users with safe, fast and convenient payment services.”
Ant Financial has invested in various Asian firms in the recent times. In February 2017, Ant Financial invested $200m in South Korean mobile financial platform Kakao Pay as well as acquired a stake in Filipino fintech firm Mynt.
Earlier this month, the company also teamed up with Indonesia's Elang Mahkota Teknologi (Emtek) to launch a mobile payments service.
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