Ant Financial enters Malaysian market

Source:Xinhua Published: 2017/5/22 22:48:39

Ant Financial, the affiliate financial service of China's e-commerce giant Alibaba Group Holding, entered into a partnership with 7-Eleven Malaysia on Monday by launching the Alipay cashless payment service in more than 2,100 stores in Malaysia.

The payment service, facilitated by local third-party payment platform MOL Accessportal, mainly targets tourists from the Chinese mainland, whose number exceeded 2.1 million in 2016.

The Malaysian government is expecting more than 3 million visitor arrivals from China this year.

Alibaba group in March announced a plan to set up an e-commerce hub in Malaysia encompassing logistics, cloud computing and e-financial services to boost trade and e-commerce in the region, part of the collaboration between Alibaba and the Malaysian government in the development of a Digital Free Trade Zone.

Malaysian Prime Minister Najib Razak, while attending the Belt and Road Forum for International Cooperation in Beijing earlier this month, also paid a visit to the headquarters of Alibaba group in Hangzhou, East China's Zhejiang Province.

The entry of Alipay to Malaysia will be quite challenging for local Malaysian payment service providers, said Vincent Tan Chee Yioun, founder of Malaysia's Berjaya Group and majority shareholder of 7-Eleven Malaysia and MOL Global, Inc., the parent company of MOL Accessportal. Tan added that it is not a bad idea because eventually, perhaps Malaysians can also use Alipay when they go to China.

Posted in: ECONOMY

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