Alibaba Finance Arm Follows Jack Ma in Overseas Expansion
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The payment-processing affiliate of Alibaba Group Holding Ltd. is expanding in the U.S. and Russia as billionaire founder Jack Ma pushes the Chinese e-commerce giant beyond its home market.
Zhejiang Ant Small & Micro Financial Services Group Co. is reorganizing itself into six business units, including the Paypal-like Alipay, as it aims to process the digital sales of more small businesses around the world, company officials said at a conference in Beijing yesterday. The units are focused on areas where they already have a presence, such as Brazil and Spain, as well as rural China, where Alipay hopes to reach 100 million users in as soon as two years.