Alipay Banks on Hong Kong Billionaire to Open Local Wallets
Ant Financial Services Group, parent of the popular Alipay online payments service, said it will set up a joint venture with Hong Kong billionaire Li Ka-shing’s CK Hutchison Holdings to deepen its service in the former British colony, in its latest move targeting users outside the Chinese mainland.
The joint venture, which will take over from Alipay’s existing Hong Kong presence, is expected to be set up by the end of 2017 and continue to use the “AlipayHK” brand, according to a joint statement. The deal still requires approval from the Ministry of Commerce.
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