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Payments General

Fintech company Ascend Money transacts USD 5 bln in 2017

Friday 6 July 2018 | 11:11 AM CET

Ascend Money, Southeast Asia’s fintech company, transacted a total payment volume of USD 5 billion across Southeast Asia in 2017, delivering 400% year-on-year growth compared to 2016.

Ascend Money, which operates the consumer-facing TrueMoney brand across six SEA countries, served 21.1 million customers in 2017.

Thailand was the biggest contributor to Ascend Money's payment volume, accounting for almost 50% of the overall figure. Other markets also saw significant growth, 460% in payment volumes. Within Cambodia, Ascend Money transacted a sum worth 10% of the country’s GDP.

Ascend Money has a network of more than 60,000 agents across Southeast Asia and partners with major banks and local businesses. Ascend Money currently operates in six countries: Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia, enabling its agents to penetrate far-flung communities and to provide rural communities with access to payments and financial services.

The two main shareholders of Ascend Money are CP Group and Ant Financial. TrueMoney leverages the CP Group’s merchant and customer networks through partnerships and benefits from Ant Financial’s help to widen its service offerings and payment options.

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