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Asia Amazon

China’s Finance Giant On the Move

Alibaba Group’s internet finance arm Ant Financial Services is accelerating its global expansion. In its latest effort, Ant is in talks to create a payment joint venture in Indonesia with a local media conglomerate, Emtek, people familiar with the discussions said.

A partnership with Emtek, one of Indonesia’s largest conglomerates that has TV broadcasting, telecom, messaging and payment businesses under its umbrella, would provide Ant with a foothold in Southeast Asia’s most populous country with 250 million people. The two companies haven’t yet reached an agreement and a deal would require local regulatory approval, the people said. Alibaba already owns a controlling stake in Singapore-based e-commerce company Lazada, whose major market is Indonesia.

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“Ant Financial is setting its footprint worldwide” and partnerships are “vital” to its growth.