TrueMoney, a subsidiary of Ascend group, plans to officially launch nano-financing and personal loan services for Thais by next June. The value of underground loans in the country is larger than that for formal loans, said Punnamas Vichitkulwongsa, chief executive of Ascend Group. Mr Punnamas said TrueMoney is working on details of its imminent nanofinancing and personal loans services, including negotiations with banks regarding partnership. Ant Small & Micro Financial Services Group, an affiliate of Alibaba Group, bought 20% stake in Ascend Money, a subsidiary of Ascend Group, in August 2016. Its users will now be able to make investments in mutual funds and buy insurance via TrueMoney services starting early next year.

Source: Bangkok Post August 21, 2017 23:51 UTC