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Alibaba Moves into Financial Data and Information Services

Alibaba is investing nearly $200 million in China Business News (CBN) as it prepares to move into the financial data and information services industry. In its latest foray into the financial services sector, Alibaba is teaming up with CBN owner Shanghai Media Group to create a platform aimed at SMBs that will offer financial news and information.  Alibaba says that ... Read More »

Alibaba’s Jack Ma Introduces ‘Pay-With-Selfie’ Technology

Alibaba CEO Jack Ma has been showing off a technology that uses facial recognition to allow you to make payments with a selfie taken with your smartphone.  It’s currently being tested by Ant Financial, an Alibaba affiliate that runs the Alipay payment service.  Mr. Ma unveiled the system at the CeBit conference in Hanover, Germany just as he was about to finish his ... Read More »

Alibaba Group Restructures Loan Division

Alibaba Group has announced the company’s completed restructured relationship with Zhejiang Ant Small and Micro Financial Services (Ant Financial) – now officially parent company of Alipay and Alibaba’s small- and medium-sized enterprise (SME) loan business. Alibaba Group and Ant Financial first agreed on a purchase agreement prior to Alibaba’s IPO in September 2014. The restructuring sees Alibaba reduce its risks ... Read More »

First Private Sector Consumer Credit Bureau Launched in China by Alibaba Affiliate

Sesame Credit, heralded as China’s first private sector consumer credit information company, was launched by Ant Financial Services Group, the parent company of Alipay.  Called Sesame Credit, the new agency leverages big-data technology and customer behavior analytics to assess creditworthiness, which is expected to make it easier for companies to extend credit to millions of Chinese consumers, according to Sesame Credit officials. ... Read More »

The People’s Bank of China (PBOC) Opens Commercial Market for Consumer Credit Reporting

Powerhouses such as Tencent Holdings, Alibaba Group Holding and Ping An Group to enter consumer credit reporting as well as several others.  While the big three may qualify for individual licenses it is being said that they may cooperate in creating on single credit bureau. Following the introduction credit reporting regulations in 2013 speculations run high as to when and ... Read More »

Alibaba Affiliate Obtains Approval for Private Bank

The China Banking Regulatory Commission said it gave approval to start a bank to a financial affiliate of the Alibaba Group, that is also the parent of Alipay who handles payment transactions and thus is crucial to Alibaba’ operations.   The bank would be headquartered in Hangzhou.  The financial affiliate of Alibaba will own 30%.  The Shanghai Fosun High Technology Group ... Read More »

Alipay’s Online Money Market Account Platform, Yu’e Bao, is Growing

Alipay’s one year old, the platform’s fund, Zeng Libao, already possesses USD 92 billion in assets. As part of Alipay, Yu’e Bao was initially designed to offer users of the online payment service a chance to see their unspent money grow between purchases.  Soon users began transferring money from their savings account into the platform, as the average Yu’e Bao ... Read More »

Alibaba and ShopRunner in Partnership to Providing Chinese Customers Access to Goods Sold in the USA

Alibaba has partnered with US e-commerce platform ShopRunner in a deal that will allow Chinese consumers easier access to goods sold in the US.  ShopRunner will use Alibaba’s logistics infrastructure to get products to Chinese customers from their thousands of retail partners, which include brands like Calvin Klein, GNC, and Kenneth Cole, as well as partner stores like Neiman Marcus and Lord ... Read More »

“Leftover Treasure” Online Finance Products Encroach on the Turf of China’s State Owned Banks

Alibaba, Tencent and Baidu are three tech companies which are offering online finance products at higher yields than bank deposits and thus have become quite popular with private investors.  So much so that regulators are taking notice.   Although regulators hope that the leading Internet companies could play a role in making China’s banking system more competitive, they are concerned about ... Read More »

Alibaba to Launch Mobile Gaming Platform

Alibaba plans to launch a mobile gaming platform which will open a new revenue stream.  Alibaba intends to take a 20 per cent cut of revenue from app sales and in-app purchases with developers taking 70 per cent.  The remaining 10 per cent of revenue will be donated to charity. The platform will store payment options, virtual currencies and game ... Read More »

Alibaba Partners with Weibo to Launch New Payment Service

Alipay, China’s leading e-payment company and an affiliate of the Alibaba Group, has partnered with Chinese microblogging platform, Sina Weibo, to launch a new payment platform called Weibo Payment. The new payment service is accessible through mobile app and website enabling Weibo users to make online and offline payments. According to Alipay, there are currently more than 400,000 retailers promoting ... Read More »

Alibaba Group Processed more than US$5bn in Sales on China’s “Singles Day”

During the Chinese equivalent of Black Friday, November 11, Alibaba processed more than $5.75 billion in sales.  In contrast Americans spent $1.9 billion dollars online during Black Friday and Thanksgiving The Alibaba sales were processed by its subsidiaries Tmall and Taobao. On Tmall, big brands sell to consumers. On Taobao, small businesses and consumers sell to consumers. November 11 is known ... Read More »

Alibaba Restructures Alipay

Alibaba’s online payment unit of the Alibaba Group Ltd will be restructured to attract new strategic investors, in a move that will reduce the shareholding of Alibaba’s founder Jack Ma in Alipay. Zhejiang Alibaba E-Commerce Co Ltd will be restructured as a new company in which 60 percent of its shares will be offered to new strategic investors. Ma will ... Read More »

Alibaba to Launch Online Fund Sales Service

Alibaba Group Holdings has secured approval from the China Securities Regulatory Commission (CSRC) to act as a third party for the online sale of fund products, local media group Caixin reported on its website.  The fund products will soon be available on Alibaba’s Amazon-like Taobao website, according to the report. The approval marks a further step for Alibaba towards providing ... Read More »