Ant Financial partners with Standard Chartered Bank for Belt & Road Initiative

Alibaba’s financial affiliate Ant Financial Holdings announced Monday the signing of a Memorandum of Understanding with Standard Chartered Bank.

“Under the terms of the MOU, Standard Chartered Bank will combine its banking expertise and insights in emerging markets with Ant Financial’s industry leading financial tech capabilities, to increase access to financial services for clients based in countries along the “Belt & Road Initiative” route,” according to an official statement.

The partnership marked another milestone in Ant Financial’s globalization drive.  The firm’s leading third-party payment and lifestyle platform, Alipay, has more than 520 million active users, working with over 450 financial institutions and providing in-store payment services for Chinese tourists in more than 30 countries and regions.

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