Alibaba Group Holding Ltd's financial affiliate is planning to purchase a 20% stake in Thailand's Ascend Money in a bid to become a key financial services player in Southeast Asia.

Zhejiang Ant Small & Micro Financial Services Group, known as Ant Financial and controlled by Alibaba co-founder Jack Ma, also wants an option to increase its Ascend Money holding to 30%, according to a statement on the Ministry of Commerce website. The agency is currently reviewing the plans.

An investment into Ascend Money, parent of True Money and Ascend Nano, would help Ant Financial expand its online payments and small loans business in Southeast Asia. The company, which is said to be valued at about $60 billion, is following billionaire Ma's aspirations for global expansion as it ventures into countries including South Korea and India.