Alipay parent Ant Financial invested in Bangladesh mobile wallet company bKash, with the two set to collaborate on expanding the capabilities of the latter platform and measures to boost financial inclusion.

bKash already has 30 million registered users in Bangladesh and a network of 180,000 agents across urban and rural areas.

Terms of the deal were not disclosed in the official announcement, however media in Bangladesh estimate Ant Financial took a 20 per cent stake as part of the partnership deal.

Kamal Quadir, CEO of bKash, said Ant Financial’s experience in China made it a “fitting partner” for the company due to the large population of Bangladesh and the status of its economy: “This investment opens many new opportunities for bKash.”

Ant Financial CEO Eric Jing said the two companies shared a similar goal of increasing financial inclusion: “As part of Ant Financial’s global strategy, we are keen to share our technology know-how with partners like bKash, who has successfully brought financial services to the largely unbanked population in Bangladesh.”