Ant International unveils microlending service bettr

It has partnered with Thailand’s AWC to start.

Ant International has launched bettr, providing microlending services to micro, small, and medium enterprises (MSMEs).

The platform aims to make financing simpler and more accessible for micro and small businesses in select markets, with bettr entering into embedded finance partnerships.

Ant International CEO Yang Peng said that they are looking forward to expanding partnerships with leaders across several industries.

To start, bettr announced its inaugural embedded finance collaboration with Asset World Corporation (AWC), a Thailand-based real estate group and a member of the TCC Group. Bettr will provide digital lending to AWC’s ecosystem of micro and small businesses via its platforms and engagement channels.

The first phase will involve AWC’s Phenix, a food wholesale hub, featuring the food lounge in Pratunam, set to open on 26 June.

AWC CEO and president Wallapa Traisorat expects the partnership to benefit sellers, buyers, and AWC suppliers, conducting business on Phenix both online and offline.

Eventually, bettr and AWC’s partnership will be extended to merchants across AWC’s Hospitality, Retail and Wholesale and Commercial businesses.

The IFC estimates that at least 65 million firms, or 40% of formal MSMEs in developing countries, have unmet financing needs of $5.2t per year.

Ant International has been ramping up its expansion globally in recent months. The Chinese fintech giant recently signed a memorandum of understanding with Saudi Arabia and announced that it is building a digital business center in Malaysia.