S’pore-based fintech firm 2C2P courts merchants entering South-east Asia
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2C2P and Antom worked together to support Chinese toy and food and beverage companies eyeing South-east Asia with payment solutions.
PHOTO: 2C2P
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SINGAPORE - Singapore-headquartered payments firm 2C2P is courting merchants of Ant International looking to expand in South-east Asia, while tapping the expertise of the global financial technology provider.
“We are handling a lot of global clients who want to open their businesses in multiple countries. At the same time, we will invest in digital onboarding across the South-east Asia market. We make sure we drive efficiency for the merchant and for us internally,” said 2C2P chief executive officer-elect Worachat Luxkanalode.
Ant International’s ecosystem includes Alipay+, which enables cross-border payments, and merchant payment and digitalisation services provider Antom. 2C2P is the South-east Asia arm of Antom.
Ant International made a strategic investment in 2C2P in 2022
Mr Worachat said that 2C2P and Antom worked together to support popular Chinese toy and food and beverage companies which want to enter South-east Asia with payment solutions.
Speaking at a media briefing organised by Ant International in Thailand, he noted: “The strength of this partnership is that now we can open up our capabilities, features and know-how to welcome merchants from Ant International and Antom.
“At the same time, 2C2P is also able to learn and (leverage) some of the latest technologies and know-how from Antom and Ant International and enhance our services for South-east Asia.”
Mr Worachat said that 2C2P is launching a new product for small and medium-sized enterprises (SMEs) in key markets like Thailand, leveraging Ant International’s expertise, with details to be shared in the coming months.
Tapping Antom’s innovations, the company will also provide artificial intelligence-driven payment orchestration and agentic payment solutions to enhance merchant experience.
Before the acquisition, 2C2P primarily served large, complex merchants such as airlines, online marketplaces, retailers and other enterprises. In line with Ant International’s strategy, 2C2P will offer solutions that help SMEs accept a wider range of digital payments and reach more customers across South-east Asia.
Its clients include e-commerce platforms Lazada and Shopee, online travel agents Agoda and AirAsia Move as well as insurance players like Singlife and MSIG.
A 2C2P spokesperson told The Straits Times: “Being Antom’s gateway to South-east Asia also exposes us to more global merchants from Asia, Europe and the Americas, further extending our geographical reach.”
The business grew about 38 per cent from 2024 to 2025 across the region, with key markets including Malaysia, Singapore and Thailand. 2C2P aims to sustain this momentum while expanding its Vietnam business tenfold, said Mr Worachat.
2C2P chief executive officer-elect Worachat Luxkanalode said that companies look for stability and reliability in payments.
PHOTO: 2C2P
2C2P is no stranger to the payments space. It was among the early players in South-east Asia’s payments space since being founded in Thailand in 2003. More than two decades later, the firm is in a competitive environment where younger fintech upstarts are eager to gain market share.
When asked how the firm adapts to competition, 2C2P said it is strengthening its infrastructure while refining its product offerings to keep pace with changing customer demands.
It noted: “We are being even more front-footed and agile in the way we seize opportunities and grow the business. We are currently upgrading our infrastructure, and the team is continuously innovating to enhance our products to ensure our features meet the rapidly changing needs of our merchants and end customers.”
In October, 2C2P announced a new business strategy and refreshed branding to power its next phase of regional expansion.
The company said it will invest US$60 million (S$77 million) over the next three years in technology, infrastructure and innovation. It will also pump in US$15 million to help SMEs accept payments online and offline, beginning with Thailand.
“On the backend, we continue to enhance our consolidated and easy-to-use portal that makes onboarding simple and enables our merchants to intuitively and effectively manage their operations,” the spokesperson said, adding that the firm commits to providing a seamless and secure checkout experience.
Mr Worachat said that companies do not ask for fancy features. “They only look for stability and reliability. If you talk about reliability in payment, it’s all about the stability of our system, the success rate of the transaction and the customer experience.”
2C2P has to keep an eye on profitability, too. The firm posted a wider net loss in 2024 even as revenues grew because of increased employee costs while committing significant investment to technology and infrastructure.
2C2P said profitability is still a key objective and the firm is working towards developing higher-margin products.
Profit margins in the payments business are thin, Mr Worachat said, adding that the firm will offer value-added features such as multi-currency pricing and instalment plans in the checkout experience to lift margins.
Multi-currency pricing is a payment feature that lets merchants display prices in their customers’ local currency – potentially improving conversion rates and boosting profit margins.
In August, 2C2P acquired a Major Payment Institution licence from the Monetary Authority of Singapore.
Mr Worachat noted that Singapore functions as a hub for 2C2P to serve global clients, as many clients choose to incorporate their businesses here.
