Funding negotiations are underway for Alibaba-owned Ant Financial Services Group, with a number of state-owned banks believed to be poised to make an offer.
The news magazine Caixin has said that CDB Capital, part of the China Investment Bank, alongside the Postal Savings Bank of China and the country’s government-backed social security fund, are finalising the purchase of a 16% stake in Ant Financial. However, a spokesperson for the company, which runs the online payment platform Alipay, has said that they will not comment on rumours or speculation.
In the year leading up to June 2014, Alipay transferred $778 billion in payments and accounted for 78% of all payments on Alibaba’s e-commerce platform. Founder Jack Ma has long hinted at plans to take Ant Financial, which has now been valued at $30million, to IPO as a separate entity.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
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"Uncertainty is the enemy of deal-making", so it's no surprise that Europe and the Asia Pacific's insurance industry saw merger and acquisition deals fall in the first half of 2017.
One in five countries is set to hit their highest government debt levels in 17 years predicts Fitch, although there has still been a dramatic improvement in sovereign credit.