AGTech acquires controlling stake in Ant Group bank

AGTech Holdings Limited has announced the acquisition of a controlling stake in Ant Bank (Macao), a digital banking unit of Ant Group, for MOP243 million (approximately USD30.26 million).

The deal, disclosed earlier this week, elevates AGTech’s ownership to 51.5%, making the digital bank an indirect subsidiary of the Hong Kong-listed lottery company, which is backed by Alibaba Group.

Chairman and CEO Sun Ho said, “This acquisition is a milestone for AGTech. It reflects our commitment to the financial service sector of Macau and the broader digital economy, expanding our reach into the digital financial sector.”

Ho highlighted the potential for this move to inject “new vitality” into financial technology innovation in the region and assisting the local government’s strategy to diversify the local economy beyond its reliance on gambling.

AGTech, known for its electronic payment services like the Macau e-wallet MPay, aims to enhance synergies between its existing services and Ant Bank’s offerings.

The company plans to develop unique cross-border financial services to attract international tourists to Macau.

Ant Group remains the second-largest shareholder of Ant Bank (Macao) and has pledged to support its growth alongside AGTech.

This acquisition follows Ant Group’s recent restructuring, which aims to streamline its operations into three independent business units. Nadia Shaw