Chinese fintech giant Ant Group is aggressively expanding abroad, with its eyes now on Saudi Arabia.
Singapore-based Ant International, which extends the group’s innovative fintech solutions to global markets, has signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate business growth in the kingdom.
The partnership includes establishing an entity in Saudi Arabia that would assist Ant International in obtaining licenses and certifications to broaden its service offerings.
Ant International’s strategy will grant merchants greater access to digital payment solutions, including Alipay+, Antom merchant payment services, WorldFirst digital payment and financial services for cross-border trade, and Anext Bank, a digital wholesale bank regulated by the Monetary Authority of Singapore.
“We’re delighted to build upon our progress in the Middle East to support merchants’ access to our world-class payment solutions and inclusive…