Ant sets sights on mobile pay dirt in Malaysia

Alibaba affiliate forms partnership with the nation's TNG to roll out Alipay-style system

Ant Financial Services Group plans to roll out a mobile payment service in Malaysia based on Alipay as it bids to expand into the lucrative Southeast Asian market.

The affiliate of Alibaba Group Holding Ltd has announced it will form a joint venture with Touch'n Go Sdn Bhd, or TNG, which is part of Malaysian conglomerate CIMB Group Holdings Bhd.