Biz / Tech

Ant Financial makes Bangladesh investment in latest global move

Ant Financial said it has invested in Bangladesh mobile financial service provider bKash, marking another step toward its globalization goals.
Ti Gong

The bKash logo is seen in a local market in Bangladesh. 

Alibaba's financial affiliate Ant Financial said it has invested in Bangladesh mobile financial service provider bKash, marking another step toward its globalization goal of promoting inclusive financial services in under-banked countries and regions. 

Ant Financial also seeks to increase its technological capabilities, allowing it to provide greater convenience and security in mobile financial services throughout Bangladesh.

“Their successful track record makes Ant Financial a fitting partner for bKash since Bangladesh too has a large population ... and an economy that is advancing rapidly,” Kamal Quadir, Chief Executive Officer of bKash said.

bKash was established in 2010 by BRAC Bank Limited and Money in Motion LLC, and currently has 30 million registered accounts in the country. 

Since 2015, Alipay has made a number of investments and struck partnerships with mobile financial service providers in overseas countries and regions including India, Thailand, the Philippines and Indonesia. 

As the adoption of online payment has already reached a high level in China, payment companies are seeking expansion in overseas markets. 

Chinese companies are also encouraged to expand their footprints in “Belt and Road” countries and regions to strengthen collaboration with these markets. 

“As part of Ant Financial’s global strategy, we are keen to share our technological know-how with partners like bKash, and we are confident we can bring highly secure and inclusive financial services to address the needs of local people and small businesses there,” said Eric Jing, Executive Chairman and Chief Executive Officer of Ant Financial.

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