Alipay gets Luxembourg e-money license to serve Europe
Alipay, the fintech company owned by Alibaba, has obtained an electronic money license in Luxembourg. With this license, Alipay can serve the European market. The Asian payments company is already present with a licensed entity in London, but it can now serve customers across Europe.
Omni-Channel Webinar Get tips to maximize revenue and minimize risk in omni-channel flows. Learn how to reduce friction to increase customer loyalty and sales. Register for our Omni-Channel Webinar
The launch of the new Luxembourg-licensed entity, called Alipay (Europe) Limited S.A., was officially announced by Pierre Gramegna, the Minister of Finance in Luxembourg, in Hong Kong. The e-money institution license allows the company to offer its financial services across the European Union.
‘Luxembourg leading EU hub for fintech and ecommerce’
With the new PSD2 license, Alipay can serve customers across Europe, but also connect users from China with online and offline retailers that are located in EU countries. “Alipay’s presence is a welcome addition to Luxembourg’s financial ecosystem and will further consolidate its position as a leading European hub for fintech and ecommerce”, the Minister commented. “It will considerably contribute to the strengthening ties between Europe and China.”
In the online payments platform business, Alipay is market leader in China. Many online and offline retailers are using the financial services of the Alibaba-owned company. Consumers use the service as a digital wallet, but they also use it book a hotel, get a cab, buy movie tickets, pay utility billets, make doctor appointments, et cetera.
Minister @pierregramegna officially announced today in #HK, in presence of Chen Leiming, SVP and General Counsel of @AntFinancial Services Group, that @Alipay has been granted an e-money institution license in Luxembourg that will allow it to offer its services across the EU. pic.twitter.com/SrFldCMj6A
— Ministry of Finance (@MinFinLux) January 14, 2019