China's Ant Group scaled back support to overseas e-wallet partners in run-up to IPO

China's Ant Group scaled back support to overseas e-wallet partners in run-up to IPO

Photographer: Shiho Fukada/Bloomberg

China’s Ant Group Co Ltd has been cutting funding and staff support to many of the overseas e-wallet firms it has invested in as it pivots away from earlier ambitions of becoming a global payments leader, people with knowledge of the matter told Reuters.

The shift in strategy by the Alibaba-backed fintech giant came late in 2019, brought on by a change at the helm and a reworking of priorities as it planned for its IPO and grappled with regulatory challenges at home.

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