- Tram Ho
A Reuters source said that Alibaba's financial arm Ant Financial has quietly acquired a significant stake in Vietnam's eMonkey e-wallet.
This step comes after the deal took place in the summer and has not been announced publicly.
The strategic investment in eMonkey is the 8th international agreement made by Ant Financial's branch to allow the company easy access to the booming market in Vietnam with nearly 100 million users. Not to mention other factors including a quarter of the population under 25 and the growth of e-commerce is the highest in the region.
Vietnam's rapid growth is attracting global technology giants.
According to the above-mentioned source, although Antine does not control more than 50% of the shares, Ant hopes to create a significant influence and provide technological experience to Vietnamese companies.
eMonkey belongs to Vietnam financial technology company M-Pay Trade. The source mentioned above has not revealed the deal size.
Despite having an office in Vietnam, Ant chose to invest in eMonkey because it already has a license to operate. M-Pay now also cooperates with major banks and telecommunication companies in the country.
EMonkey itself is facing fierce competition in Vietnam's digital payment industry.
Source : Trí Thức Trẻ