The Transaction will enhance synergy between AGTech’s electronic payment services in Macau and digital banking services of Ant Bank (Macao), connecting scenarios and resources of the ecosystem with payment plus inclusive finance to meet the consumption and financing needs of Macau residents and small and medium-sized merchants (“SMEs”). Through the synergies with Alibaba Group and Ant Group’s ecological resources and AGTech’s various business units in life services, cultural entertainment and e-commerce, combined with Macau’s leisure and tourism features, the Group aims to create distinctive cross-border financial services to attract more cross-border tourists (who are eligible to receive such services) to visit Macau, thus supporting the economic growth of Macau, and further diversifying and expanding the Group’s revenue sources.
Ant Bank (Macao) is a company incorporated under the laws of Macau with limited liability. It is principally engaged in digital banking services and mobile payment including financial banking services mainly for Macau residents and SMEs such as deposits and loans, and cross-border remittance services.
By completing the Transaction, AGTech’s business scope will expand from digital payment services and digital local consumer services to digital financial services.
After the Transaction, Ant Bank (Macao) and Ant Group will continue their cooperation under the framework agreement in various business areas, including resources sharing services, remittance and settlement services, technical services, transfer of creditors’ rights and related services, deposit services, marketing services and loan services.
