Alipay granted Luxembourg license to serve European market
Alipay, part of Alibaba group, has been granted with an electronic money license in Luxembourg. Alipay is China’s leading mobile and online payment solution, with more than one billion users globally.
The launch of the new Luxembourg licensed entity, Alipay (Europe) Limited S.A., was officially announced by Luxembourg Minister of Finance Pierre Gramegna on 14 January during his visit in Hong Kong, in the presence of Chen Leiming, General Counsel of Ant Financial Services Group.
Already present with a licensed entity in London, Alipay’s new PSD2 license in Luxembourg will allow the group to leverage the EU passport to serve its customers across Europe in the future and connect Chinese users with merchants in EU countries.
Minister Gramegna comments: “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 e-commerce. It will considerably contribute to the strengthening ties between Europe and China.”