China’s internet companies have turned around payment systems domestically. Now they are turning to global market, says retail analyst Ben Cavender to Cryptocoinnews. Alibaba‘s Ant Financial now is setting up a war chest to conquer those global markets.
According to a Reuters source, Ant is looking to raise up to $3 billion in debt to fund acquisitions in foreign markets.
“Ant’s ultimate goal is to become a global payments monster – the biggest, broadest option for consumers,” said Shanghai-based Ben Cavender, speaking to Reuters from China Market Research. “The challenge is facing strong local players around the world, so it’s cheaper to buy into these companies rather than burning money to steal market share from them.”
In its latest funding round, Ant is valued at $60 billion and is expected to announce an initial public offering this year. As things stand, Alipay is supported at nearly 100,000 retail stores across 70 overseas markets, outside China, in countries including France and Germany.
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