Chinese tourists visiting Spain will be able to shop at Spanish stores using their Alipay mobile wallets through an agreement between BBVA Group and Ant Financial Services, the Alibaba affiliate that operates Alipay.
Ant Financial's Alipay, the payments affiliate of Alibaba, broke into the U.S. last year through a deal with First Data, and now it's expanding in Canada—alongside Tencent's WeChat—through partnerships orchestrated by Canadian tourism authorities.
The Trump administration must weigh risks to national security in its review of the $1.2 billion deal. Its decision will shed light on whether — given the president’s “America First” rhetoric — Chinese investment is still welcome in the U.S. financial services sector.
Ant Financial, China’s largest provider of internet financial services, will continue investing in mobile-payment providers around the world to boost offshore revenue and buttress itself from rising competition and tighter regulation at home.