Alibaba’s Ant Financial, and the world’s highest-valued Fintech, is set to spend $1 billion in expansion plans to India and Southeast Asia.
According to Ji Gang, vice president of Ant Financial, the funds will be used to invest in payments and fintech startups in Southeast Asia and India. Additionally, they will focus on technologies and specific use cases related to online payments.
In addition, the firm will use blockchain, artificial intelligence (AI), security, internet of things (IoT) and computing to speed up the development of small and medium-sized financial institutions such as insurance firms and small-scale banks.
Earlier in 2015, the firm bought a 25% stake in India’s One97, which is the parent company of India’s fintech company Paytm.
Ant Financial Services Group is an affiliate company of the Chinese Alibaba Group. It is the highest valued FinTech company in the world.