Ant International and Sumitomo Mitsui Banking Corporation (SMBC) have signed a MoU to strengthen cross-border payment solutions and explore business expansion opportunities involving Japan, Singapore and Southeast Asia.
Under the agreement, SMBC will use its transaction banking expertise and solutions developed across multiple markets to support three Ant International businesses: Alipay+, Antom and WorldFirst.
Alipay+ provides cross-border mobile payment and digitalisation solutions, while Antom offers merchant payment and digitisation services. WorldFirst provides global account services to businesses.
SMBC will also help Ant International optimise its cross-border payments and treasury management operations.
Both companies plan to explore technical and business collaboration involving the integration of Ant International’s Whale RTP platform with SMBC’s digital payment and asset solutions.
The collaboration aims to improve efficiency and transparency in treasury management between Ant International’s group entities while supporting global liquidity management.
The agreement comes amid growing demand for more efficient cross-border transactions and cash management as businesses expand internationally and supply chains become increasingly complex.
Both companies also expect advances in digital technology to improve payment, remittance and treasury management services.
Featured image credit: Edited by Fintech News Singapore, based on image by Ant International
