Chinese authorities have given third-party
online payment platform Alipay permission to process payments from
companies and traders buying and selling investment funds on the
internet.
The information was published by Reuters in an
article that cites two unidentified and unauthorised sources that
have “direct knowledge of the matter”.
Go deeper with GlobalData
Alipay – a unit of Alibaba Group,
which is 40% owned by Yahoo – should receive a licence from
China Securities Regulatory Commission on 11 May, according to
one of sources.
Alibaba’s payment arm will now be able to
enter a market that today is dominated by companies such as
UnionPay and ChinaPnP, “potentially helping to boost trading
volumes in Chinese funds”, according to Reuters.
“We have filed our application with the CSRC
to conduct online payment services for funds, and we look forward
to the CSRC’s decision,” Alibaba said in an email on Thursday.
Alipay has more than 650m individuals and
corporate registered users, and controls about 68% of the Chinese
market.
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By GlobalDataAlibaba Group, founded by one of China’s
best-known entrepreneurs Jack Ma, is the parent of Alibaba.com, the
country’s largest e-commerce company and Taobao Mall, the largest
Chinese online shopping mall.
