Alibaba partners with Banking Circle
China’s e-commerce giant Alibaba Group is partnering with Saxo Payments Banking Circle, a European B2B payments platform specializing in online cross-border transfers.
“Banking Circle’s global network and disruptive technology makes it an ideal partner for Alibaba’s future ambitions,” said Paul Li, Alibaba’s head of payments, in a Thursday press release.
Launched in 2013 by Denmark-based Saxo Bank, Banking Circle is now owned by European investment firm EQT, which purchased the operation in July for $300 million.
Banking Circle provides global payment account transactions and foreign exchange services for banks, acquirers, payment service providers, e-wallets and other alternative payment providers, according to the release.
“[Within Banking Circle] there’s no differentiation between local and cross border payments,” said Anders la Cour, CEO of Banking Circle, in the release.