Ant Group’s international division generated nearly US$3 billion in revenue for 2024, Bloomberg reported, as the fintech giant prepares to spin off the unit following a broader reorganisation of its business.
Singapore-based Ant International also recorded two consecutive years of adjusted profit, according to people familiar with the matter.
The company has not disclosed how it calculates adjusted EBITDA, a metric that typically excludes non-recurring or non-operating costs.
The unit has become a central part of Ant’s strategy to drive overseas growth and invest in artificial intelligence, following regulatory pressure in China that derailed its plans for a record-setting IPO in 2020.
Overall, Ant Group’s profit rose 61% last year to RMB38.3 billion (US$5.3 billion), based on Bloomberg’s calculations from Alibaba Group’s filings.
The group’s latest revenue figures were not disclosed.
In 2023, Ant launched a share buyback plan that reduced its valuation to about US$79 billion—down significantly from its US$280 billion peak prior to its aborted listing.
The company did not respond to a request for comment on the latest developments.
Initially launched to support outbound Chinese tourists, Ant International now operates Alipay+, a global payments platform that links 1.7 billion user accounts across 36 digital wallets.
For example, users of GCash from the Philippines can make payments in South Korea using their app at merchants displaying the Alipay+ logo.
Beyond Alipay+, the division oversees Antom, which provides merchant payment solutions; WorldFirst, which facilitates cross-border trade payments; and Embedded Finance, which offers AI-powered digital lending tools and treasury services.
The unit is led by CEO Yang Peng and Chairman Eric Jing, who also serves as Chairman and CEO of Ant Group.
In 2023, Ant Group restructured its business and established independent boards for three key subsidiaries—Ant International, OceanBase, and Ant Digital Technologies.
The company is now considering a public listing in Hong Kong, Bloomberg previously reported, instead of the dual Shanghai-Hong Kong IPO it once pursued.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
