Asset World Corporation (AWC) has signed a memorandum of understanding (MoU) with Ant Group to launch multiple cross-border payments and digital financial solutions. One of the agreements involves the adoption of Ant Group’s WorldFirst cross-border business payment solutions by ‘PhoenixBox’, AWC’s omnichannel online platform that handles trade activities.

According to AWC, the company plans to enable local buyers, including SMEs, in Thailand to order and complete payments in they local currency to global sellers by the end of 2023. At the same time, the Thai company will seek to enable sellers to collect payments in various major trade currencies. Officials from AWC said that with their vast and diverse real-estate portfolios in lifestyle hospitality, office buildings, retail malls, and wholesale centres in Thailand, AWC is strategically positioned to collaborate with technology providers like Ant Group.

Together, they can create seamless cross-border transaction experience for consumers and business operators globally, which can help drive the digital transformation of the real estate industry in Thailand. Data from World Bank shows that outward person-to-person (P2P) remittances from Thailand reached USD 7.9 billion in 2020. Ant Group is an affiliate company of the Chinese Alibaba Group.

In May 2023, the company launched Alipay+ for tourists in Thailand. Alipay+ allows visitors to use mobile wallets, such as AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia), and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015. Ant Group’s representatives said that this partnership with AWC underscores the significance of effortless global payments for businesses, as it is the key to their success in today’s interconnected world.

By leveraging cutting-edge technology, Ant Group has created a comprehensive suite of cross-border payment solutions that removes barriers and streamlines cross-border transactions. They are committed to helping businesses confidently engage with partners, suppliers, and customers across borders through our omnichannel payment and financial services. Previous news from Ant Group In August 2023, Ant Group has planned to swap its stake in India-based payments company Paytm for convertible debt.

Amid increasing geopolitical tensions and a crackdown on Chinese enterprises by New Delhi, Ant Group has opted to exchange nearly half of its equity stake in Paytm for convertible debt. This move involves transferring a 10.3% stake worth approximately USD 628 million from Ant's Netherlands company to a Netherlands-based group owned by Paytm's founder. Consequently, Paytm's founder's ownership in the company is set to increase to 19.4%, while Ant's stake will decrease to 13.5%.

The exchange involves no immediate financial transaction; instead, Paytm's founder's offshore entity will issue convertible debentures to Ant, which can be converted into equity shares at a later stage. In the same month, luxury travel retailer DFS Group and Ant Group have entered a strategic partnership to improve payments and marketing digitalisation across the DFS retail and online stores network. DFS is capitalising on the trend toward digital lifestyles by partnering with Alipay+ to offer a comprehensive digital shopping experience.

This collaboration will span 36 physical stores in 15 markets and 12 online shops in 4 markets. The partnership focuses on catering to digital-first travellers, with a threefold increase in Alipay spending at DFS stores. The key aspects of the collaboration include enhanced marketing visibility within Alipay's ecosystem, integration of Alipay+ as a cross-border payment option, facilitating online-to-offline experiences through Alipay+ D-Store, and creating exclusive membership privileges for in-store experiences.

Additionally, the collaboration aims to improve post-shopping experiences by streamlining Tax Refund services and providing real-time updates through DFS' mini programme on Alipay. .