Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com Sept. 18, Ant Group announced today that it has reached a strategic cooperation with South Korean payment company Toss Payments to help international merchants expand the Korean market and better serve local consumers through payment cooperation. According to reports, Ant Group will invest in Toss Payments with a minority stake.

Toss Payments parent company is Viva Republica, is a well-known South Korean financial technology company, in addition to the payment gateway company Toss Payments also owns e-wallet Toss Pay and Korean pure Internet bank Toss Bank. However, according to the Korea Economic Daily, Root Ant Group announced that it will cooperate and invest in Toss Payments, a payment gateway company, not an e-wallet.

Ant Group bought a 72% stake in Blitz Fast Co., Ltd. for 100 billion won (CTOnews.com Note: currently about 547 million yuan), according to news from the investment banking industry on Monday. Blitz Fast is a special purpose company jointly owned by financial investors of Viva Republica and Toss Payments, LB Private Equity AG and Premier Partners LLC.

Through the acquisition, Ant Group took over a 36 per cent stake in Toss Payments, which is held by financial investors who participated in Toss's 2020 LG Uplus Corp from South Korean mobile operator. The acquisition of PG services.

The report also said that Ant Group participated in the sale of tens of billions of won worth of new shares in Toss Payments, making Ant Group the second largest shareholder with a total stake of about 40%.

Toss Payments confirmed that Ant Group's two new board members had joined, but said the two had no detailed payment App cooperation plan.

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