Ant Financial Services Group will acquire a 20 percent stake in Ascend Money, an online payment service provider in Thailand, according to the Ministry of Commerce. [Photo/IC]

Ant Financial Services Group, the financial arm of Alibaba Group Holding Ltd, will acquire a 20 percent stake in Ascend Money, an online payment service provider in Thailand, according to the Ministry of Commerce.

As a part of Ant Financial Services, Alipay Hong Kong Corp Ltd has the right to raise the share to 30 percent in the future, the Ministry wrote on its website on Monday.

The financial information, process for approval and schedule of the transaction have not been disclosed.

Ascend Money's subsidiaries include online payment provider True Money and authorized financial services provider Ascend Nano.

As China's leading online payment service provider, Ant Financial Services is looking to expand its overseas business portfolio.

The company's assessment value is close to $60 billion, providing services such as online payment, investment management and insurance.