Ant Group’s disjointed Southeast Asian colony

With 711 million monthly active users, Ant Group’s Alipay wallet has cracked China. Southeast Asia is the next target. But even if the fintech giant succeeds in executing the largest IPO in history, decoding the diverse region is going to be a challenge

The Alibaba-affiliated Ant Group is looking to raise US$35 billion in an IPO, at a reported valuation of US$250 billion

China’s rising political tensions with India and the US has resulted in Ant looking towards Southeast Asia. It’s already present in seven countries

Southeast Asia won’t be easy to crack, with rivals backed by the likes of Tencent, Grab, and Gojek. Ant is also working with big partners who retain various levels of control

Money raised from its gargantuan IPO may be spent in other markets like Latin America or Africa

Eleven countries. Over 650 million people. Hundreds of languages and dialects.

Tackling a region as diverse as Southeast Asia isn’t easy for any company. Not even if you’re a financial services giant affiliated with Chinese internet behemoth Alibaba. Not even if you’re a company that’s looking to rake in US$35 billion in what would be the largest initial public offering in history.

Alibaba co-founder Jack Ma’s Jack Ma’s Jack Ma holds 50.5% voting rights in Ant Group through shares owned by his entities Hangzhou Junhan and Hangzhou Junao.

AUTHOR

Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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