Previously, Ant Financial Vice President Ji Gang told attendees at a Beijing conference on November 26 that the firm was looking to raise a fund, but didn’t specify the amount.
Southeast Asia’s digital lending market is expected to more than quadruple to $110 billion by 2025, according to a report by Bain & Co., Google and Temasek Holdings Pte. A person familiar with the matter told Bloomberg that Ant Financial is looking to back more online finance startups in those regions.
Just this week, Ant Financial pumped hundreds of millions of dollars into the Indian fintech unicorn Paytm, after investing in 160 companies over the past five years. Ant Financial is also planning to apply for a virtual banking license in Singapore.