China's Ant Group doubles down on global expansion with cross-border payments offering Alipay+

Ant Group is looking to expand into the payments markets of Europe, Middle East and Latin America with its Alipay+ offering.

Chinese fintech major Ant Group is looking to boost its global presence via its digital offering, Alipay+, as it seeks to connect mobile payment apps around the world."What we found is that people want to use their home e-wallets when they travel abroad.

"We see a huge opportunity for expansion and the relatively broad coverage we have in Asia – we like to replicate in places like Middle East, Latam and Europe," said Feagin."People from all these regions are going to other regions, so a big opportunity to expand." "Ant Group's early vision for global expansion was centered on Southeast Asia. The company took strategic stakes in e-wallets in every major Southeast Asian economy," Zennon Kapron, founder and director of consultancy Kapronasia, said in aThere are also growth opportunities in the firm's established markets like Singapore and South Korea, for instance a lot of people use mobile payments in China, but still far fewer compared with people in other countries, said Feagin.

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