Alibaba-Backed AGTech Acquires Ant Bank Macao: A Strategic Move to Boost Cross-Border Financial Services for Tourists

The digital wallet provider supported by Alibaba has purchased Ant Bank Macao, targeting financial services for tourists. With this purchase, Ant Bank Macao becomes an indirect subsidiary of AGTech, while Ant Group continues to be the bank's second largest shareholder.

AGTech Holdings, a lottery company listed in Hong Kong and supported by Alibaba Group Holding, a massive Chinese e-commerce firm, has bought a majority share in Ant Bank Macao. This digital banking division belongs to Ant Group, a financial technology behemoth associated with Alibaba.

The transaction, worth MOP$243 million or US$30.26 million, entails the purchase of both current and additional shares of Ant Bank Macao. As a result, AGTech's shareholding increases to 51.5%, effectively making the online bank an indirect subsidiary, according to the company's statement released on Tuesday.

AGTech, a company that provides digital payment services like the Macau-based e-wallet MPay, along with consumer services ranging from lottery to ticketing platforms, has acquired Ant Bank Macao. The aim of this acquisition is to improve the collaboration between the digital payment and banking services of the two firms.

AGTech expressed its objective to create unique international financial services to draw in more tourists from different countries to visit Macau.

Ant Group continues to be the second biggest stakeholder in Ant Bank Macao, as per individuals knowledgeable about the situation.