JV to boost Alipay payment in HK
Ant Financial, the payment affiliate of Alibaba Group, will create a joint venture this year with CK Hutchison Holdings Ltd to operate its payment app in Hong Kong, ending Ant’s solo management of the service.
Ant currently operates its payment app under the Alipay brand in Hong Kong. The new JV will take over operation of the app though it will still be branded Alipay, it said yesterday. The companies did not give any details on the financial terms of the venture.
Through CK Hutchison’s affiliates ranging across ports, retail, infrastructure, energy and telecom, the JV is expected to serve many property and utility households.