Thai, Chinese firms tie up in cross-border payment

TrueMoney, a leading fintech company in Thailand, has partnered with Ant Group of China to launch cross-border mobile payments between Thailand and China, allowing Thai tourists to use TrueMoney e-wallet to make payments to tens of millions of merchants in China.

Friday, September 22, 2023 17:14

Thai, Chinese firms tie up in cross-border payment ảnh 1

Douglas Feagin, Senior Vice President of the Ant Group and Monsinee Nakapanant, Co-president of Ascend Money Co, the operator of TrueMoney. (Photo: Bangkokpost.com)

Bangkok (VNA) - TrueMoney, a leading fintechcompany in Thailand, has partnered with Ant Group of China to launch cross-border mobilepayments between Thailand and China, allowing Thai tourists to use TrueMoney e-wallet to make payments to tens of millions of merchants in China.

Cross-border payments are powered by Alipay cross-border mobile paymentecosystem with more than 10 million payment points in China. Alipay providesmarketing and digitalisation solutions, and is operated by the Ant Group, afinancial technology giant.

Monsinee Nakapanant, Co-president of Ascend Money Co, the operator of TrueMoney, said the cooperationwith the Ant Group marks a significant milestone in the company's streamlining ofcross-border payments to make it as effortless internationally as it is fordomestic users.

There are 28 million people in Thailand using the TrueMoneyapp at present, she said, adding thanks to the partnership with the Ant Group andthe Alipay ecosystem, TrueMoney is now accepted by tens of millions ofmerchants in China.

Since the end of last year, TrueMoney has expanded cross-border payment servicesand become available at Thais’ most preferred destinations within Asia such asJapan, the Republic of Korea, Singapore and Malaysia.

Meanwhile, the Ant Group recently welcomed seven new leading e-wallets and paymentapps from Asia to the “Alipay -in-China” programme, a major initiative of the AntGroup to help China internationalise mobile payment services.

The Alipay system has now brought 10 Asian e-wallets to the Chinese mainland bypartnering with more than 20 local mobile payment partners, which have morethan 1.4 billion global payment accounts, including tens of millions of globalmerchants.

Douglas Feagin, Senior Vice President of the AntGroup and head of Alipay Cros-Border Mobile Payment Services, said throughAlipay , TrueMoney users can already make transactions with many global onlinemerchants as well as retail stores in countries that are top traveldestinations for Thais, including Singapore, Japan, the Republic of Korea, theUK, Italy and France./.

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