Alibaba-backed e-wallet operator buys Ant Bank Macao, eyes financial services for tourists

Quick Summary:

The acquisition makes Ant Bank Macao an indirect subsidiary of AGTech, while Ant Group remains the bank’s second-largest shareholder.

Ant Group remains Ant Bank Macao’s second-largest shareholder, according to people familiar with the matter.

Another goal is to develop “distinctive cross-border financial services to attract more cross-border tourists to visit Macau”, AGTech said.

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Article Details

Author / Journalist: Xinmei Shen

Category: Technology

Markets: Hong KongMacau

Topics: Bank Cross-border Digital Services Group Giant Macao Lottery Payment Stake Agtech

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-03 @ 20:00:13 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 153 words

Reading Time: 1 minutes read

Sentences: 6 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22347130

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