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Alibaba and Tencent cash in on Southeast Asia e-payments boom

Report shows Chinese groups' proxy war by funding local players is accelerating

Alibaba and Tencent operate directly in only a few countries in Southeast Asia, but they currently back at least 11 digital payment brands or e-wallets in six nations in the region.   © Reuters

SINGAPORE/HANOI -- Chinese tech groups Alibaba Group Holding and Tencent Holdings are entrenching themselves in Southeast Asia's booming digital payments market through a sprawling web of proxies, according to research by DealStreetAsia.

Data compiled by DealStreetAsia show that while the tech rivals operate directly in just a handful of countries in Southeast Asia, they back at least 11 digital payment brands or e-wallets in six key markets: Indonesia, Malaysia, Myanmar, Thailand, the Philippines and Vietnam.

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