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Ant faces challenge in reviving global expansion

Chinese fintech controlled by Jack Ma seeks to tap funds from blockbuster IPO for overseas push

Nearly four years ago Ant Group’s then chief executive Eric Jing made going global a core mission, taking to a Davos stage to lay out a vision of building a worldwide customer base of 2bn people within a decade.

Since then the fintech arm of Jack Ma’s Chinese internet giant Alibaba has struggled to realise its international ambitions, with investments faltering in markets from the UK to India and south-east Asia. Overseas operations still account for less than 5 per cent of Ant’s revenues.

The company hopes its blockbuster initial public offering expected this month can put it back on track, with 10 per cent of the more than $30bn it wants to raise destined for its international expansion.

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