SINGAPORE (May 28): Alibaba Group Holding’s Ant Financial Services Group is set to become the world’s most valuable fintech company. An upcoming fundraising of US$10 billion ($13.45 billion) — which, according to reports, has been oversubscribed — will value the company at US$150 billion, up from US$60 million just last year.

Unusual for such fundraising exercises are the stringent restrictions being imposed on potential investors. According to The Wall Street Journal, investors putting money into Ant have to agree not to invest in or raise their stakes in companies controlled by major online rivals such as Tencent Holdings, online retailer JD.com, food booking platform Meituan-Dianping and Pinduoduo, an online retailer catering to the lower-end market.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook