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Ant Financial acquires stake in Vietnamese digital wallet eMonkey - Business Insider

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Ant Financial is acquiring a sizable stake in a Vietnamese digital wallet eMonkey, which should help it tap into Southeast Asia's burgeoning digital payments market:

in Hong Kong — and partnering with local wallets so it can reach new consumers and boost its payments volume. Working with eMonkey in Vietnam could help Ant Financial both build its acceptance of Alipay for Chinese tourists, since eMonkey already has an acceptance network, and enable its offerings to reach consumers in Vietnam.

Southeast Asia's payments market holds significant potential, and entering Vietnam could help Ant Financial capitalize on it. The region's digital payments' industry is projected to grow its gross transaction volume from $600 billion in 2019 to $1.1 trillion by 2025, with e-wallets accounting for $22 billion in 2019 and $114 billion in 2025, per a

 

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