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Fintech
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Fintech

Asia/PacFintechNews Roundup
·Nov. 21, 2016

Alibaba’s Ant Financial Offers Opportunity for Widespread Fintech Industry Growth

At a financial forum in Shanghai, Jack Ma of Alibaba expressed his support for fintech innovation in digital banking that could further help China's inclusive finance efforts; the holding company founder's comments were centered around the capabilities of its affiliate Ant Financial, which offers a range of digital banking services; Jack Ma said capabilities from the platform could help other fintech firms to increase their financial inclusion business efforts; "We would like to entirely share with partners our capability of data collection and data processing to jointly develop the inclusive financial system," said Jack Ma; as a proponent for financial inclusion and fintech industry growth Jack Ma also said Ant Financial was a leading fintech market platform capable of partnering with other fintech companies for overall industry expansion.  Source

 

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Asia/PacFintechNews Roundup
·Apr. 27, 2017

Alibaba-owned Yu’e Bao Becomes World’s Largest Money Market Fund

The fund, which was set up as storage for excess cash from online spending, has now reached $165.6 billion in assets under management; this now exceeds the amount of JP Morgan's largest money market fund which is $150 billion; since the fund is so big it allows Ant Financial, Alibaba affiliate, to negotiate better rates with banks for capital; while many believe the likes of Google and Facebook could enter the market they have yet to do so. Source

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FintechNews Roundup
·Feb. 22, 2018

Alibaba’s Sesame Credit Runs into Issues

While Alibaba’s Sesame Credit has increased access to loans in China the government recently told them to stop a national rollout of the program; John Gapper from the FT writes that there are three main issues behind social credit scores in China; technology companies have a more liberal attitude than banks when it comes to data; social credit scores seem to promote spending and more credit where as a traditional FICO score rewards a user for self control; the scores are proprietary to the companies who created them like Alibaba did with Sesame Credit. Source.

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FintechNews RoundupUSA
·Oct. 23, 2017

Alipay and JPMorgan Chase Working Together

The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source

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FintechNews RoundupUSA
·Oct. 23, 2017

Alipay and Marqeta Strike Partnership

Alipay and Marqeta partner on real time payment processing for Chinese travelers visiting North America; Marqeta’s platform will facilitate payment processing at retail locations across the continent; Jason Gardner, CEO of Marqeta tells Crowdfund Insider, “The Marqeta platform will ensure a seamless user and merchant experience across the U.S. that Alipay’s customers need when traveling and shopping abroad.” Source.

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FintechNews Roundup
·Jan. 21, 2020

Alipay Executive Chairman Calls for More Cross-Border Cooperation

Writing an opinion piece in the FT Executive Chairman of Alipay Eric Jing calls for increased cooperation amongst companies even...
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EuropeFintechNews Roundup
·Jan. 22, 2019

Alipay Granted eMoney License in Luxembourg

Alibaba’s Alipay was granted an eMoney license in Luxembourg to allow the company to serve customers across Europe; the eMoney...
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Fintech
·Jul. 16, 2020

Alipay Has More than 1 Billion Annual Active Users

A new filing from Alibaba, who owns 33 percent of Ant Financial, reveals that Alipay claims to have 1.3 billion...
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FintechNews RoundupUSA
·Mar. 29, 2019

Alipay is Not Yet Looking to Launch for U.S. Customers

Chinese tourists are able to use Alipay at more than 200,000 U.S. locations but the company does not have plans...
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FintechNews Roundup
·Mar. 20, 2018

Alipay Now Available in Mexico

Alipay has partnered with Openpay in Mexico to further their expansion into the Americas; users of Alipay will now be able to use the service to make purchases at businesses that are affiliated with Openpay; Souheil Badran, President of Alipay Americas stated, “An increasing number of Chinese consumers are shopping for products in Mexico that they can’t find at home, and they want to be able to purchase those items with the payment method they use most often. Our partnership with Openpay not only connects Mexican merchants with Chinese consumers seeking their products and services, but also opens new revenue channels for merchants in Mexico. We are thrilled to be partnering with Openpay as we continue to expand the reach of Alipay throughout the Americas.” Source

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