Alibaba Subsidiary Takes Majority Stake in Ant Group's Bank Macao In Strategic Move to Enhance Digital Payment Services

Quick Summary:

Alibaba Group Holding (NYSE:BABA) backed Hong Kong lottery firm AGTech Holdings snapped a majority stake at Ant Group’s digital unit Bank Macao for $30.26 million.Now AGTech owns a 51.5% stake in Bank Macao, SCMP reports.

AGTech hopes to “enhance synergy” between the two companies’ digital payment and bank services and develop “distinctive cross-border financial services.

Alibaba fintech affiliate Ant Group split its operations into business units in March: Ant International, Ant Digital Technologies, and database operation OceanBase.

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Author / Journalist: Anusuya Lahiri

Category: Technology

Markets: United StatesHong Kong

Topics: Tech GVIP BABA Media Stories That Matter News Top Stories Emerging Markets Briefs Benzinga QTUM

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-03 @ 18:48:44 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 471 words

Reading Time: 3 minutes read

Sentences: 28 lines

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Copyright Owner: © Benzinga

News ID: 22354032

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