Alibaba Group (HKG:1688) Forms Strategic Alliance with Bank of China (HKG:3988) on Online Payment
Beijing, July 23, 2009 AEST (ABN Newswire) - Alibaba Group (HKG:1688) and Bank of China Holdings Limited (HKG:3988)(Bank of China) today formed a long-term strategic alliance to collaborate on several e-commerce initiatives including online payment, international business cooperation, small business financing and joint marketing.
Under the terms of their alliance, Alibaba Group and Bank of China will jointly develop the Alipay Card (a smart card to be issued by Alibaba Group’s subsidiary Alipay, Asia's largest online payment platform) and a trust rating system. They will also roll out a small enterprise loan-assistance scheme and pursue credit card innovation and other innovations related to import-export and small businesses.
"We look forward to this partnership with Bank of China, and leveraging that institution's expertise, to help our small business customers to expand their marketing and sales on a global basis while at the same time also educating ourselves so we can serve our customers even better in the future," said Jack Ma, founder, chairman and chief executive officer of Alibaba Group, who along with Li Li-hui, President of Bank of China, formally signed an agreement here today. "We also believe this cooperation will help create additional jobs for our member companies."
"The rapid development of e-commerce over the last decade has led to a drastic change in the economic landscape, especially in China. Customers nowadays are becoming more demanding on the scope and quality of customer services, product innovation, operational efficiencies and operating philosophy. Leveraging Alibaba Group's leading edge in e-commerce and its hundreds of millions of customers in China, we are confident that our deepened cooperation will bring both of us all positive influence," said Bank of China in a statement.
In early 2007, Alipay entered into cooperation with Bank of China to launch overseas payment service, enabling Alipay users to purchase products and services from hundreds of overseas merchants. Alipay expanded its cooperation with Bank of China in April 2009 by launching online banking services, which allows customers of Bank of China to enjoy the benefits of online shopping and utility bill payment via Alipay.
About Alipay
Alipay is China's leading online payment solution, enabling individuals and businesses to execute payments online in an easy, safe and secure manner. Alipay had a registered user base of over 200 million as of June 2009. Alipay partners with banks to provide an escrow service for payments, which reduces the settlement risks faced by Alipay's customers in their e-commerce transactions. Alibaba Group founded Alipay, headquartered in Hangzhou, in 2004.
Contact
John W. Spelich
Vice President, International Corporate Affairs
Alibaba Group
Email: johnspelich@hk.alibaba-inc.com
Tel: +852 2215-5129
Jasper Chan
Corporate Communications Manager
Alibaba Group
Email: jasperchan@hk.alibaba-inc.com
Tel: +852 2215-5213
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