Thai fintech Ascend Money plans SE Asia expansion

Ascend Money Co, a digital financial services venture between Charoen Pokphand Group and Ant Financial, is poised to embark on a $100 million expansion next year into Southeast Asia.

The Bangkok-based firm, which operates payments and online lending platforms, will expand its network of sales agents, boost marketing and potentially make acquisitions in the region, Chief Executive Officer Punnamas Vichitkulwongsa said at a media briefing in Singapore on Wednesday.

"We'll grow very aggressively in an organic way and also through acquisitions that fit our road map," said Punnamas, who has previously worked at Singapore Telecommunications Ltd and Temasek Holdings Pte. He added that Ascend already bought five companies last year.