Ant Financial, the Alibaba affiliate that operates Alipay, is planning an IPO that could be worth hundreds of billions of dollars — but the funds it could raise are secondary to the consumer population it already controls.
Some of the biggest digital wallets in the world — including Alipay and WeChat Pay — succeed because they have very little in common with other big-brand wallets like Apple Pay, Google Pay and Samsung Pay.
Alipay already has inroads in Mexico, where its mobile wallet is accepted at some retailers popular with Chinese tourists. Through a partnership with Openpay, it’s expanding Mexican merchants’ access to these transactions in person and online.
Ant Financial’s consumer lending has reached at least 600 billion yuan ($95 billion) despite the affiliate of Alibaba Group Holding Ltd. facing a tougher environment for securitizing its loans, people familiar with the matter said.
deVere Group has added "Companion Accounts," which is designed to remove fees and enable shopping and expense management for relatives and companions that are in other countries, such as students or spouses.