Touch 'n Go to enter into joint venture with Ant Financial.

Touch ‘n Go, online payments provider and CIMB subsidiary, agreed to enter into an equity Joint Venture with Ant Financial, parent company of Alipay and the world’s leading digital financial services provider. Financial terms were not disclosed. The JV will leverage the respective partners’ local market insights, technology capabilities, market experience, and brands to introduce a world-class mobile platform for payments and other financial services, directly supplementing Malaysia’s efforts in accelerating the creation of a robust and secure digital payment infrastructure. “This is a landmark deal, premised on a clearly synergistic partnership. TNG’s leading position combined with Ant Financial’s Alipay capabilities will allow all Malaysians to participate and access secure payments and digital financial services for the long term. This fits nicely with CIMB’s digital aspirations and our FinTech agenda, as we move towards a more inclusive and digitized Malaysia.” Tengku Dato’ Sri Zafrul Aziz, CIMB Group CEO.