Alibaba-backed e-wallet operator buys Ant Bank Macao, eyes financial services for tourists
The acquisition makes Ant Bank Macao an indirect subsidiary of AGTech, while Ant Group remains the bank’s second-largest shareholder
AGTech Holdings, a Hong Kong-listed lottery firm backed by Chinese e-commerce giant Alibaba Group Holding, has acquired a controlling stake in Ant Bank Macao, a digital bank unit of the Alibaba-affiliated fintech giant Ant Group.
The MOP$243 million (US$30.26 million) deal involves the acquisition of existing and new shares of Ant Bank Macao, boosting AGTech’s stake to 51.5 per cent and making the digital bank its indirect subsidiary, the company said in a statement on Tuesday.
AGTech operates electronic payment services, such as the local Macau e-wallet MPay, as well as consumer services from lottery to ticketing platforms. By acquiring Ant Bank Macao, AGTech hopes to “enhance synergy” between the two companies’ digital payment and bank services.
Another goal is to develop “distinctive cross-border financial services to attract more cross-border tourists to visit Macau”, AGTech said.
Ant Group remains Ant Bank Macao’s second-largest shareholder, according to people familiar with the matter.
A representative of Ant Group said it will “continue to support the development of Ant Bank Macao and strengthen collaboration with AGTech, MPay and other local partners, to better serve financial inclusion and economic growth goals of Macau and the Greater Bay Area”.
