Alibaba has added Adyen as a processor, giving the Chinese e-commerce giant an added option to acquire merchants to feed its business for Chinese travelers.
Adyen will support Alibaba and its affiliated Alipay app for transactions on AliExpress, Taobao, Tmall and Alibaba.com brands.
Signage for Alibaba Group Holding Ltd. is displayed at the company's offices in Hong Kong, China, on Thursday, May 5, 2016. Alibaba's HK$1 billion fund for Hong Kong entrepreneurs is investing in GoGoVan, a hauling and delivery service that's one of the city's biggest startups, and other online services. Photographer: Justin Chin/Bloomberg
Justin Chin/Bloomberg
Ant, Alipay and Alibaba built their international business largely by acquiring local merchants through collaborations with payment processors.
Alibaba's Adyen announcement follows affiliate Ant Financial's $700 million acquisition of WordFirst, a London-based payments company, which gave Ant and its brands more of a foothold in Europe — and a counterplay against Amazon and Western Union's collaboration in the region.
Coming off of one of Europe's largest technology IPOs in 2018, Adyen has broadened its merchant reach through recent deals to support Interac's debit network in Canada and The Gap in Europe. Adyen's big coup in recent years was luring eBay's payment processing business away from PayPal in 2018.
Democratic lawmakers made the stablecoin markup into a marathon event, leading off with amendments that would have addressed concerns about conflicts of interest between elected officials like President Donald Trump and stablecoin oversight.
Visa and American Express are both reportedly trying to lure Apple's lucrative credit businesses away from Mastercard. But the battle over processing rights is just as much about accessing the technology company's digital wallet as it is about boosting transactions.
Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
The state's banking commissioner said the married founders of Valuex Research and Valuex Fintech used investor money for rent, plastic surgery and shopping instead of funding a promised investing tool.
With South Florida's economy expected to continue outperforming the rest of the nation, Banesco USA is laying plans to extend its reach into Broward, the wealthy and populous county just north of its Coral Gables home base.
A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
