Reuters exclusively reports Ant Financial takes stake in Vietnam’s eMonkey

Reuters reported exclusively that China’s Ant Financial, a fintech affiliate of e-commerce giant Alibaba Group Holding Ltd, has quietly acquired a sizable stake in a Vietnamese e-wallet eMonkey. The move, negotiated over the summer, is not being announced due to concerns that anti-China sentiment in Vietnam could result in possible pushback, Reuters sources said. The strategic investment, Ant’s eight international payments deal, will allow the firm to gain entry to Vietnam’s booming market of nearly 100 million people, a quarter of whom are under 25, and where e-commerce growth is among the highest in the region.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Asia