Alipay Seeking 20% Stake In Ascend Money, With An Option Take Another 10%

(RTTNews) - Alibaba Group Holding Ltd's financial services affiliate,Ant Financial Services Group is seeking to buy a 20 percent stake in Ascend Money, an online payment provider based in Thailand, according to a notice on the website of China's Ministry of Commerce.

Alipay (Hong Kong) Holding Ltd., part of Ant Financial—is also seeking an option that allows it to further increase its stake in the Thai financial-services company to 30%.

"Ant Financial is dedicated to promote inclusive financial services in China and beyond and the pending investment reflects our commitment to expand internationally, and to bring equal access of financial services to more users around the world," the company said Saturday in a statement.

The planned investment was conditional on approval from the antimonopoly division of China's commerce ministry, the company added.