China IT Review » bank http://chinaitblog.com Focus on China IT field Wed, 12 May 2010 11:44:42 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Alipay is acquiring a bank? http://chinaitblog.com/2010/04/is-alipay-acquiring-a-bank/ http://chinaitblog.com/2010/04/is-alipay-acquiring-a-bank/#comments Sat, 10 Apr 2010 17:01:43 +0000 Zhang http://chinaitblog.com/?p=24

There’s always big news about Alibaba and its subsidiaries, today is about Alipay.

Gossip from Twitter said that, Alipay is going to acquire a bank. Considering another news about Alibaba’s financing 100 Million via PricewaterhouseCoopers, the news about Alipay is worthy of belief.

Here goes the reason: The bank regulators in China, is launching a new  platform for cross-bank transactions. And those 3rd party payment companies such as Alipay, TenPay, BaiduPay, etc, may not able to take advantage of this platform. Once Alipay acquried a bank, it can easily plugged onto the new platform.

However, It’s just a gossip.

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