Ant Financial Buys Vietnamese Payment Wallet eMonkey

Ant Financial, the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term affiliate of Alibaba Group, has acquired eMonkey, a multi-functional digital wallet, that would allow the subsidiary of China’s biggest e-commerce company‏ to tap into a promising player in Asia’s payments sector.

Sources told Reuters that Ant Financial would not officially announce the takeover deal as anti-China slogans recently marked the 37th anniversary of a border war with their giant neighbor.

While the exact purchase price is unclear, eMonkey allows Ant Financial to gain a slice into Vietnam’s booming market of nearly 100 million people. Vietnam’s digital and mobile payment is also the most developed and crowded fintech segment. There are currently 30 licensed non-bank payment intermediary services in the country, with around 20 of these offering e-wallets.

Alibaba Group Holding Ltd (BABA.N), China’s biggest e-commerce company‏,‏‎ has recently acquired 33 ‎percent of Ant Financial, which houses the Alipay payment processing ‎system and other financial services.‎

The deal, which ends a profit-sharing arrangement that goes back to 2014 and was worth more than ‎‎$330 million last year, clears the way for an initial public offering of China’s most ‎valuable financial technology company.‎ It also boosts Ant’s profile ahead of a widely expected initial public offering (IPO), though the company has neither publicly set a timetable nor chosen a Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.

Ant Financial spun off from Alibaba Group Holding Ltd before its 2014 listing, currently provides its financial services to nearly 1.2 billion users in China and ‎beyond. Alipay makes up much of the business as the payment platform enables users to hail taxis, book hotels, buy movie ‎tickets, and more, from within its app.‎ It also gets a commission of around 0.18 percent on every ‎dollar it processes on Alibaba’s marketplaces.