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The new venture will allow Ant Financial's Alipay to offer
services via companies under CK Hutchison, which operates ports,
retail, infrastructure and telecommunications businesses across
50 countries.
Ant Financial currently operates its payment app under the
Alipay brand in Hong Kong, which offers transaction services at
around 4,000 outlets in the city. The new joint venture will
take over operation of the app, though it will still be branded
Alipay, it said on Tuesday.
The companies did not give any details on the financial details
of the venture.
Ant Financial has ramped up overseas expansion this year, making
new investments in India, Korea, the United States and several
countries in Southeast Asia.
In April, it launched a joint venture with Indonesian media
company Elang Mahkota Teknologi to offer payment and financial
services in Indonesia.
Ant Financial holds an electronic payments license in Hong Kong,
which allowed it to launch its payment services without a local
partner. The newly created joint venture effectively gives CK
Hutchison a stake in Ant Financial's Hong Kong business.
The companies expect the venture, which is subject to regulatory
approvals, to be completed by the end of the year.
(Reporting by Cate Cadell. Editing by Jane Merriman)
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