China’s largest e-commerce company Alibaba Group Holding Ltd has restructured its agreement with Alipay inorder to maximise its potential gain ahead of an expected IPO later this year.
Alibaba has also sold its SME loans business to Alipay’s parent company, Small and Micro Financial Services, for $518 million.
Alipay was previously part of Alibaba’s corporate structure but following new payments business licensing regulations from Beijing, it was placed under separate ownership in 2011.
The new agreement also lifts a $6 billion cap, under certain conditions, on funds that Alibaba could receive if Alipay or its parent company go public. The sale means the financial-services assets will be owned by Chinese nationals instead of the global investors that may buy shares in the IPO.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Digital payments giant ACI Worldwide is teaming up with VocaLink for real-time payments infrastructure.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.