Investment in Thai company part of China e-commerce giant's plans for online payments & loan business in Asia.
ECOMMERCE & INTERNATIONAL BUSINESS
China e-commerce giant to buy 20% of CP Group's Ascend Money
Bloomberg News agency
The financial services unit of the Chinese e-commerce giant Alibaba plans to purchase a 20% stake in Thailand’s Ascend Money.
The purchase is part of a bid to become a key financial services player in Southeast Asia.
ANT FINANCIAL'S BUSINESS
Ant Financial is the name of the financial services unit of the Chinese e-commerce giant Alibaba.
Ant Financial is controlled by (controlling stake) Alibaba co-founder Jack Ma (the full name being Zhejiang Ant Small & Micro Financial Services Group).
The company, which is said to be valued at about $60 billion, is following billionaire Ma’s aspirations for global expansion as it ventures into countries including South Korea and India.
ONLINE PAYMENTS & SMALL LOANS IN ASEAN BUSINESS
An investment into Ascend Money would help Ant Financial expand its online payments and small loans business in Southeast Asia.
Ant has recently obtained licenses for internet banking and payments in India and South Korea also.
The company is considering an initial public offering (IPO) on the Shanghai stock exchange as early as this year.
The company also wants an option to increase its Ascend Money holdings to 30%.
ASCEND MONEY's BUSINESS
Ascend Money is the parent company of True Money and Ascend Nano.
Ascend Group was spun off from True Corporation and is now a subsidiary of CP Group which has interests in agriculture, retail businesses and telecommunications.
Ascend Nano is a microfinance and personal loans provider with staff throughout Southeast Asia.
The company's goal is to spread e-commerce and electronic payments services to places where many users lack bank accounts such as Myanmar and Indonesia.
True Money provides cash cards and electronic wallets, and holds financial-services licences in key Southeast Asian markets.
Ascend Group CEO Punnamas Vichitkulwongsa said in April that the company would spend 6 billion baht on expansion this year, 83% of which would be spent outside of Thailand.
"The pending investment reflects our commitment to expand internationally, and to bring equal access of financial services to more users around the world,"
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access : having the opportunity to have or use something - มีโอกาสในการใช้
account : bank account; money kept in a bank - บัญชี
aspiration : something that you want to achieve, or the wish to achieve something - ความปรารถนา,ความอยาก
bid : an attempt to do something - ความพยายาม
commitment : willing to give your time and energy to something that you believe in; a promise or firm decision to do something - การให้คำมั่นสัญญา, การให้คำมั่น, การมอบความไว้วางใจ
consider : to give careful thought to something before making a decision - พิจารณา
controlling stake : owning enough of a company to "control" the company and set the direction, policy and business plans -
equal : having the same number, score, etc. - เท่ากัน, เสมอ
expand : to make or become larger (noun form: expansion) - ทำให้กว้าง, ทำให้ขยาย
expand : to make or become larger - ขยาย เพิ่ม
expansion : when something increases in size, number or importance - การขยายออก
financial : involving money - เกี่ยวกับเงิน, ทางการเงิน
global : throughout the world - ทั่วโลก
holdings : things or assets or rights that a person or company owns -
initial public offering (IPO) : the act of selling shares in a company for the first time - การเสนอขายหุ้นใหม่แก่ประชาชนทั่วไปเป็นครั้งแรก, ไอพีโอ
interest : a connection, especially a business connection, ownership, etc. - ส่วนได้เสีย
internationally : connected with or involving two or more countries - นานาชาติ, สากล, ระหว่างประเทศ
investment (noun): the act of investing money in something - การลงทุน
key : very important - ที่สำคัญ
lack (verb): to not have something - ขาด
licence : an official document that gives someone permission to do or use something - ใบอนุญาต
license : an official document that gives someone permission to do or use something - ใบอนุญาต
microfinance : the activity of providing loans to poor people and their small businesses that cannot get loans from banks - การเงินรายย่อย
option : a legal right to buy something in the future if you want to buy it (during a specific period of time) -
parent company (noun): a company that owns or controls another company - บริษัทแม่
pending : waiting to be dealt with, settled or completed - ยังค้างอยู่, ซึ่งยังไม่จบสิ้น, อยู่ในระหว่าง
personal loan (noun): a loan for an individual person or people, not a company -
player (noun): a person, organization or company involved in some activity or industry -
provider (noun): a company that "provides" some service to customers -
purchase : the process of buying something - การซื้อ
recently (adverb): not long ago - เมื่อไม่นานมานี้, เมื่อเร็วๆ นี้
reflect : to show - สะท้อน แสดงถึง
retail : to sell directly to the public for their own use - ขายปลีก
spun off : when a part of a company is sold, issuing stock and becoming a new company; past form of "spin off" -
staff : workers employed by a person or organisation considered as a group - คณะผู้ทำงาน, คนงาน
stake : a share or a financial involvement in something such as a business - ส่วนได้เสีย
stock exchange : a place where shares in companies are bought and sold; all of the business activity involved in doing this - ตลาดหลักทรัพย์
subsidiary : (of a business company) owned or controlled by another company - บริษัทในเครือ
telecommunications : the science and technology of sending information by telephone, radio, or television - โทรคมนาคม
throughout : all over, in every part of -
unit (noun): a business unit or subsidiary; a part of a company that does a particular activity or that is not divided into smaller parts - บริษัทลูก, บริษัทสาขา, บริษัทในเครือ
value : how much something is worth in money or other goods for which it can be exchanged - มูลค่า
venture : to go somewhere, especially somewhere that is unpleasant, dangerous or exciting - เสี่ยงภัย ผจญภัย
wallet : a small flat case that people keep money, bank cards, and small documents in and usually carry in their pocket or bag - กระเป๋าขนาดเล็กที่ทำจากหนังหรือพลาสติก