Ant Financial Looks to Inject $1 Billion into Asian Tech Startups

November 29, 2019 | FinTech, Investments, News

The Alibaba-backed firm supports global expansion with investments.

Ant Financial has started raising $1 billion for a fund focused on Southeast Asia and India. The fintech arm of Alibaba is looking to expand its presence across the growing region.

Deal Street Asia reported that Ji Gang, Ant Financial’s vice-president, revealed plans for the fund at a conference in Beijing. The new fund will provide late-stage funding for startup companies. During the conference, Ji said that Ant Financial has backed 160 companies over five years. The new fund will focus on the strategic businesses of Ant – including online payments.

“Ant Financial is different from traditional financial investors since we specialize in investments centered around the strategic business of the company, including those relevant to Alipay that focuses on payment verticals and technologies,” Ji said at the conference.

Ant Financial Builds Its Presence

The two major internet companies have created a digital arms race across the Asian market. Alibaba has invested in nearly 350 tech startups to expand its reach. Rival Tencent, however, has stakes in more than 700 firms, according to the Financial Times.

Meanwhile, Ant’s investments in Chinese tech include Hellobike, Alipay, and Meinian Onehealth. The firm has placed a big focus on payments as it support’s Alibaba’s global expansion. Ant Financial currently owns two major payment companies around the globe: helloPay in Singapore and UK-based WorldFirst. It also has a large stake in Paytm, an India-based payments firm.

Finally, Ji said at the conference that the firm’s investment strategy centers around “BASIC” technologies. BASIC is an acronym for blockchain, artificial intelligence (AI), security, internet of things (IoT) and computing.

Related: Ant Financial to Develop Blockchain-Based Agro-Monitoring Product With Bayer

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

January 16, 2020

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

Latest Alternative Investment News

Act Analytics Launches New ESG Portfolio Analytics Platform
January 27, 2020     ESG and Sustainability, News

Act Analytics announced the launch of a new Environmental, Social and Governance (ESG) portfolio analytics platform. The new platform allows RIAs to compare, contrast, and construct customized ESG portfolios. The…

Digital Assets: Covantis, a Blockchain-based Agri-business Platform, Ties With ConsenSys
January 27, 2020     Digital Assets, News

Covantis is a blockchain-focused project backed by multinational agri-business companies Cargill, Archer Daniels Midland Company, Bunge and Louis Dreyfus Company. Launched in 2018, the project aims to digitize the firms’…

Bank Technology: The Driver of M&A Over the Next 10 Years?

Will 2020 be the year that we see the tipping point in bank technology? Attendees at the Bank Director Magazine Conference in Phoenix think so. The sentiment is that banks in 2030…

Bank Director Magazine Conference: Fintech, Cybersecurity and Other Worries for 2020

Tim Melvin is attending the conference in Phoenix this week. At the top of the list is competition form fintech firms and big tech companies. Millennials are more focused on…