ANT Financial will invest US$200 million in Kakao Pay, the mobile payment subsidiary of South Korean messaging platform giant Kakao Corp., extending a major push by the Chinese firm to create a global network of financial assets.

    The two firms said in a joint statement yesterday that the investment was part of a larger strategic partnership to help connect Ant Financial’s 450 million global users with Kakao Pay, which currently has more than 14 million members on its platform.

    Ant Financial, valued at US$60 billion during a US$4.5 billion fundraising round last April, has been using its financial firepower to expand at home and overseas as it prepares for an initial public offering that could be later this year.

    The firm, the payment affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd., announced an US$880 million deal for U.S. money-transfer firm MoneyGram International last month.

    Ant Financial also has investments in Indian mobile payment and e-commerce website Paytm and Thai financial technology firm Ascend Money. It plans to expand in the Philippines with a stake in Globe Telecom Inc.’s fintech firm Mynt.

    “South Korea is an important market for Ant Financial in its global expansion, and we see many opportunities in the market for innovative services and growth in mobile payments,” said Douglas Feagin, president of Ant Financial International.

    Ant Financial, the world’s most valuable online finance company, dominates the online payments industry in China with its Alipay platform, but has been facing growing competition from domestic rival Tencent Holdings Ltd.’s Wechat Pay. (SD-Agencies)