Ant Financial Grabs Stake in Vietnamese Fintech Company eMonkey

40

Fintech giant Ant Financial has discretely acquired a sizeable stake in Vietnamese e-wallet company eMonkey amidst intensifying anti-Chinese sentiment in China’s southern neighbour.

Sources told Reuters that Alibaba-affiliate Ant Financial sealed the deal with eMonkey over the summer, yet refrained from publicly announcing it as a result of anti-Chinese sentiment in Vietnam that has become heightened as a result of ongoing maritime disputes.

The deal is Ant Financial’s eighth in the international payments arena, giving it access a market of almost 100 million people, of whom around a quarter are under the age of 25.

The specific size of the deal has not been disclosed, although Ant Financial reportedly holds a less than 50% stake in eMonkey. The Chinese fintech will provide technical expertise to eMonkey, and is expected exercise considerable influence over the company.

eMonkey was founded by Vietnamese fintech company M-Pay Trade, which has entered partnerships with most of Vietnam’s leading banks and telecoms companies.

Related stories

Ant Fi­nan­cial Teams up with Van­guard to Pro­vide Fi­nan­cially In­clu­sive Wealth Man­age­ment Ser­vices from Just 800 Yuan

Ant Fi­nan­cial to Launch Bil­lion Dol­lar Fund for In­dian and South­east-Asian Uni­corns

Postal Sav­ings Bank of China En­ters Fin­tech In­no­va­tion Agree­ment with Ant Fi­nan­cial

LEAVE A REPLY

Please enter your comment!
Please enter your name here