KUALA LUMPUR: CIMB Group Holdings Bhd’s subsidiary Touch ‘n Go Sdn Bhd (TNG) has signed a joint venture (JV) agreement with Ant Financial Services Group, the parent company of Alipay and the world’s leading digital financial services provider to enable mobile wallet solutions in Malaysia.
The JV will introduce a world-class mobile platform for payments and other financial services.
The JV will see TNG becoming the majority shareholder and Ant Financial a minority shareholder. The investments by both parties were not disclosed.
This is Ant Financial’s first investment in Malaysia.
CIMB’s share price which opened at a high of RM6.40 on news of a corporate announcement today, closed unchanged at RM6.35 in morning trade, with some 2.26 million shares changing hands.
Source: The Sun Daily