2C2P Review

2C2P is a Southeast Asian payments company, founded in Bangkok in 2003 by Aung Kyaw Moe and now headquartered in Singapore. Since April 2022 it has been majority-owned by Ant International (then Ant Group's international business), and since October 2025 it has traded as "2C2P by Antom". It still signs and onboards merchants under its own name. Merchants contract with a local 2C2P company in Singapore, Thailand, Malaysia, the Philippines or Hong Kong. In Indonesia the published agreement is with PT Dompet Elektronik Indonesia, and in Vietnam the licensed provider is partner M-Pay. 2C2P collects payments on their behalf through its partner acquiring banks and payment channels, deducts its fee and remits the rest. As of October 2026 it says it supports more than 400 payment methods, including cards, wallets, QR, bank transfers, instalments and cash at over 600,000 over-the-counter points, along with payouts, card and wallet issuing, and an airline payment orchestration product. It holds a Major Payment Institution licence from the Monetary Authority of Singapore, and its Thai companies hold Bank of Thailand payment licences. Pricing is quoted per account, and settlement timing is set in each merchant's signed proposal. Its published Merchant Service Agreement runs for a year, renews automatically, needs 90 days' written notice to end, and lets 2C2P withhold funds for up to 180 days after the last transaction. It suits mid-size and large businesses selling across several Southeast Asian markets. Small single-country sellers will find onboarding heavier than self-serve alternatives.

What 2C2P is

2C2P is a payments company that helps businesses accept and make payments across Southeast Asia. According to the company, Aung Kyaw Moe founded it in Bangkok in 2003. It is now headquartered in Singapore and, as of October 2026, has more than 500 staff and offices in Singapore, Bangkok, Kuala Lumpur, Jakarta, Taguig (Metro Manila), Ho Chi Minh City and Hong Kong. Its customers are mostly larger businesses: airlines, online travel agents, marketplaces, retailers and digital content companies. It says more than 25 regional airlines use its airline payment products.

2C2P's main product is a payment gateway that takes cards alongside the local methods Southeast Asian shoppers actually use: e-wallets, national QR schemes, internet and mobile banking, bank instalment plans, buy now pay later and over-the-counter cash. As of October 2026, 2C2P says it supports more than 400 payment methods and more than 45 currencies, has over 30 financial institution partners and offers cash collection at more than 600,000 convenience stores, kiosks and ATMs. It also sells payouts and remittance, card and wallet issuing, payment links, an Android softPOS app in Singapore, and PACO, an orchestration platform that routes airline payments across several acquirers.

Ownership: Ant International and the Antom brand

In April 2022 Ant Group, through its international business group, agreed to buy a majority stake in 2C2P. The terms were not disclosed. Fintech News Singapore, citing DealStreetAsia's analysis of filings with Singapore's company registry, later reported the stake as over 80%. Neither company has confirmed that figure. That business is now Ant International, and 2C2P describes itself as part of Antom, Ant International's merchant payments arm. Before the deal, 2C2P had raised money from investors including Japan's GMO and the World Bank's International Finance Corporation. They were investors, not controlling owners.

The brand has not been folded away. In October 2025 the company relaunched as "2C2P by Antom" with a new logo, and it said it would invest US$60 million over three years in technology and infrastructure. It also said it would extend its focus from enterprises to small and medium businesses. In February 2025 Ant International announced that founder and CEO Aung Kyaw Moe, who had led the company for 22 years, would step down in April 2025. It named Worachat Luxkanalode, then managing director of Grab Thailand, as his successor, subject to regulatory approval. 2C2P still called him CEO-elect in October 2025, and by May 2026 it described him as Group CEO. 2C2P says its annual acquiring payment volume nearly doubled in the two years to early 2025, but it does not publish the volume itself. Merchants still apply through 2c2p.com and sign with 2C2P's own local companies.

Why we list 2C2P as a payment facilitator

The merchant signs with 2C2P, not with a bank. The June 2026 Merchant Service Agreements are between the merchant and a local 2C2P company: 2C2P Pte. Ltd. in Singapore, 2C2P (Thailand) Co., Ltd. in Bangkok, 2C2P System (Malaysia) Sdn. Bhd. in Kuala Lumpur, 2C2P Philippines, Inc. in Taguig and 2C2P (Hong Kong) Co., Ltd. The Indonesian template names PT Dompet Elektronik Indonesia. Under those agreements, 2C2P collects payments on the merchant's behalf, deducts its fee and expenses such as credit card fees, and remits the balance. It also sets the price, decides when you are paid and can hold funds. The agreements refer to "the Company's acquiring bank(s)" and payment-channel partners, and let 2C2P end your agreement if one of them stops serving it, so card transactions generally settle through partner acquirers. That is the facilitator model. There is a case for calling 2C2P an acquirer in Thailand. 2C2P (Thailand) holds the Bank of Thailand's card-acquiring licence, and its developer documentation lists a "2C2P MC Acquiring" route there, which suggests it acquires some Mastercard transactions itself. We found no confirmation of principal card-scheme membership, and its standard agreements in every market, Thailand included, still describe acquiring banks standing behind it. So we list it as a payment facilitator. Large merchants such as airlines can also use 2C2P purely as a gateway and router to their own acquirers.

What it costs

2C2P does not publish prices for its gateway. The Merchant Service Agreement leaves services and fees to a separate "Pricing Proposal", and 2C2P can change the fee rate with 30 days' notice. The only published rate we found, as of October 2026, is for Qwik, the social-commerce payment link in Thailand. It costs 2.5% of the item price plus 7% VAT on the fee, or 2.675% in total, according to 2C2P's Thai help centre (updated November 2024). Rates on comparison and blog sites are not 2C2P's published prices, and we do not repeat them.

Fees we could confirm from the published agreements are:

• Dormant account fee: SGD 50 a month in Singapore, THB 200 in Thailand, MYR 50 in Malaysia, HKD 50 in Hong Kong, PHP 300 in the Philippines or IDR 100,000 in Indonesia, before tax, from the seventh consecutive month with no transactions. The Malaysian, Philippine, Hong Kong and Indonesian templates charge it separately on a 123 (cash and bank-channel) merchant ID too.
• Remittance charges: the merchant pays all fees for transferring settlement funds to its account.
• Expenses: 2C2P deducts "any expenses (if any) such as credit card fees" in addition to its service fee before remitting.
• Late payment: interest of 15% a year on any amount you owe 2C2P that cannot be set off against your payouts.
• 2C2P's help centre says adding new payment channels carries no additional fee (article dated 2019).

Because the fee schedule is negotiated, ask for every line in writing before you sign. That includes per-method rates, refund and chargeback fees, FX margins on multi-currency pricing, payout and remittance fees, and any minimums.

Settlement and payouts

2C2P's help centre says settlement terms "are stated in the proposal signed". Its public payment-method directory gives the standard cycles as of October 2026. Visa and Mastercard are T+1 to T+3, American Express is T+1 to T+7, Diners, Discover, JCB, UnionPay and most bank instalment plans are T+1, and Korean cards are T+7. Settlement is possible in more than 20 currencies, including SGD, THB, MYR, PHP, IDR, VND, HKD and USD. Fees and expenses are deducted before 2C2P pays you, and you bear the transfer charges. For instalment plans, 2C2P says the merchant receives the full amount up front while the bank takes the repayment risk.

Contract terms, holds and reserves

The published Merchant Service Agreements for Singapore, Thailand, Malaysia, the Philippines, Hong Kong and Indonesia (June 2026) run for one year and renew automatically for further one-year terms unless either side gives at least 90 days' written notice. The clause does not say whether notice can end the agreement mid-term. 2C2P can end the agreement immediately if you give false information, act illegally, fail to fix a breach within 15 days, or go six months without transactions. It can also do so if a regulator, its acquiring bank, a card scheme or a payment partner tells it to, or if one of those partners stops serving 2C2P. After termination or suspension, it can withhold money owed to you for up to 180 days from your last approved transaction. Under the agreements, amounts from transactions 2C2P considers incorrect or dishonest can be "confiscated and seized in the system" even after they have been settled to you, and held until the rightful owner is established.

Other clauses deserve attention. Every template except Singapore's sets a minimum and maximum per transaction through the payment gateway: THB 300 to 500,000 in Thailand, MYR 150 to 60,000 in Malaysia, PHP 300 to 700,000 in the Philippines, HKD 275 to 110,000 in Hong Kong and IDR 10,000 to 100,000,000 in Indonesia. You must keep sales and delivery records for at least 18 months. You must tell 2C2P 30 days before changing your payment types or how you sell, and it may charge an extra fee for the change. The agreement also asks you not to promote another provider's payment channels more prominently than 2C2P's. You license 2C2P to name you publicly as a customer. 2C2P excludes liability for errors, delays and outages caused by system failures or events beyond its control, and it may assign the agreement without your consent. Its Merchant Security & Risk Management Policy (updated August 2026) adds risk-based reserves for higher-risk card-not-present merchants and allows suspension or withholding of funds with immediate effect where it judges this necessary to manage a significant risk.

Licences and security

The Monetary Authority of Singapore's register lists 2C2P Pte. Ltd. as a Major Payment Institution. The register lists it for domestic money transfer, cross-border money transfer and merchant acquisition, and 2C2P announced the licence in October 2025. On the Bank of Thailand's licence register, checked on 6 October 2026, 2C2P (Thailand) Co., Ltd. holds active licences for card acquiring services, support services for acquirers, receiving payments on behalf of others and electronic funds transfer, all granted in October 2018. It also holds an international money transfer agent licence from May 2018. Its sister company, 2C2P Plus (Thailand) Co., Ltd., holds e-money, electronic funds-transfer, acquirer-support and payment-collection licences from October 2018, plus an e-money business licence from January 2021. In Vietnam, 2C2P says M-Pay Trade and Technology Services is the licensed provider of its services. 2C2P publishes PCI DSS Level 1, PCI 3DS, ISO 27001, ISO 27701, SOC 2 Type 2 and CSA STAR Level 2 credentials.

Reputation and complaints

There is little public review data from merchants. As of October 2026, Trustpilot shows a TrustScore of 1.8 from 15 reviews, all of them one-star, with only two in the past year. The TrustScore is above 1 even though every review is one-star, because of how Trustpilot weights small samples. 2C2P claimed the profile in January 2024 but has not replied to negative reviews. Most of the reviews come from shoppers who met 2C2P on a merchant's checkout. They describe fraudulent or unexpected charges by merchants, legitimate purchases blocked by fraud checks, and difficulty getting refunds. A few appear to come from merchants or applicants, describing a month-long application review and missing transactions in a monthly statement. G2 could not be checked because it blocked access. Our searches found no lawsuit, regulatory enforcement action or data breach naming 2C2P.

Who 2C2P suits

2C2P makes most sense for a mid-size or large business selling into several Southeast Asian countries. It suits a business that needs local wallets, QR, bank transfers, instalments and cash alongside cards, and wants one contract and one integration instead of a provider per country. Airlines and travel businesses get the most specialised product. If you sell mainly in one country, process modest volumes or value being able to leave quickly, the trade-offs are significant. The price is unknown until you apply, the contract renews yearly with a 90-day notice window, and 2C2P can hold funds for six months after you leave. Negotiate the settlement cycle, reserve terms and notice period before signing, and put the renewal date in your calendar.