Nikkei — HONG KONG — A financial affiliate of China’s e-commerce giant Alibaba Group Holding has received $4.5 billion from state-backed investors, in a fundraising round said to be the biggest ever for a privately held Internet company.
Tech in Asia — If you’re a smartphone company – even a big, successful one – looking to get into the Chinese market with your own mobile payments system, here’s a piece of advice: don’t. Over the last month, we’ve seen Apple Pay, Samsung Pay, and even Huawei Payenter mainland China. There are reports that Xiaomi, ZTE, and Lenovo are working on their own services as well.
Tech in Asia — Uber’s recent focus on China continued today as the company revealed it’s making life easier for Chinese people going overseas. Uber is doing this by allowing its Chinese customers to pay for rides using Alipay, China’s top epayment service, wherever they are in the world. Previously, a Chinese tourist would have to pay with a credit card that permitted foreign currencies.
Cloud Wards — Chinese e-commerce giant Alibaba is looking to compete with Microsoft and Amazon through its cloud-computing sector– Aliyun. The company has launched “China’s first” AI platform, called DT PAI, to improve its cloud offer. According to Alibaba, the platform will allow developers and companies that use its e-commerce sites to analyze huge amounts of data. This will enable them to predict industry trends and user behavior.
Tech in Asia — The recent events of PayPal and eBay splitting into two separate entities and the newly released version of Alibaba’s mobile payment app Alipay 9.0 inspired me to take a closer look at these two unequal rivals. However, comparing Alipay with PayPal directly doesn’t seem to do the former much justice. As with many of the leading Chinese digital players, Alipay is an integral part and closely connected within Alibaba’s ecosystem.
American retailer Wal-Mart has signed a deal with online payments provider Alipay to help consumers pay for goods in China. Wal-Mart will begin the cooperation within 25 of its outlets in Shenzhen. Based on the market response in this southern Chinese city, Wal-Mart plans to gradually expand the coverage of this new service throughout mainland China. Alipay is a related service of Alibaba, the Chinese e-commerce juggernaut. Financial terms of the deal were not released.