Chinese tourists will be able to use Alipay mobile wallet in Spain thanks to an agreement signed between Spanish bank BBVA and China’s Ant Financial Services Group, BBVA reported on Wednesday [28 June 2017]…Full Article: China Daily June 2017

Key Point

  • Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, is the first Spanish financial company to use Alipay services.

ChinaAg Comments

  • In December 2016, Alibaba’s Ant Financial hopes to distribute CNY 1 trillion (US$143.9 billion) in rural loans over the next three years (~2017 to 2020). During the same month, Ant Financial became the second largest shareholder in China’s CFPA Microfinance Management Company. Ant Financial will also set up a joint-venture with China United Insurance Holding that will support the country’s agriculture sector.
  • In September 2016, Yum Brands announced it secured investors for its Chinese spinoff. Primavera Capital Group would invest US$410 million while Zhejiang Ant Small & Micro Financial Services Group (Alibaba’s online payment application Alipay) would invest US$50 million.
  • In April 2016, Eleme received US$1.25 billion in financing from Alibaba Group Holding and Ant Financial Services Group (Alibaba’s financial division). In addition, Eleme stated it would work with the online payment application Alipay (Alibaba).
  • As of early 2016, China’s electronic payment market was dominated by Alibaba Group’s Alipay and Tencent’s WeChat Wallet.
  • In July 2015, various KFC restaurants in Beijing, Shanghai, and Zhejiang began allowing customers to pay via Alibaba Group’s Alipay.com.
  • In June 2015, Alibaba and Ant Financial acquired Koubei (50/50 joint venture, US$483.3 million each) to counter the Tencent-backed (see also JD.com) Meituan-Dianping online platform.

Hong Kong Trends

Similar Posts by ChinaAg

Spread the word. Share this post!