Asia Tech Wire (May 6) -- Chinese fintech giant Ant Group is looking to accelerate global expansion through its cross-border payments platform Alipay+.

Douglas Feagin, senior vice president at Ant Group, told CNBC that he sees a huge expansion opportunity for Alipay+, which already has a relatively broad reach in Asia.

Therefore, the company is looking to expand into markets such as the Middle East, Latin America and Europe, where people are traveling to other regions.

Ant has previously entered the European and U.S. markets through its flagship payment platform, Alipay. Many merchants around the world now accept Alipay, so the company needs to convert those merchants to Alipay+ merchants, he said.

Feagin noted that the company is now targeting high-population countries first to rapidly expand its user base, while also looking at opportunities in key tourist countries such as Japan, Thailand and Singapore.

Ant Group launched Alipay+ in 2020 to provide services and technology solutions to global merchants and e-wallets, enabling them to offer users the ability to make payments in overseas markets using local e-wallets.