The payment-processing affiliate of Alibaba Group Holding is expanding in the U.S. and Russia as billionaire founder Jack Ma pushes the Chinese e-commerce giant beyond its home market, according to The Straight Times, based in Singapore.
Zhejiang Ant Small & Micro Financial Services Group is reorganizing itself into six business units, including the PayPal-like Alipay, as it aims to process the digital sales of more small businesses around the world, company officials said at a conference in Beijing recently.
The units are focused on areas where they already have a presence, such as Brazil and Spain, as well as rural China, where Alipay hopes to reach 100 million users in as soon as two years.
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