Standard Chartered Signs MoA With Alibaba's Financial Affiliate

Tom Burroughes

19 December 2017

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The agreement paves the way to provide clients increased access to financial services in countries along the route of China's Belt-and-Road economic diplomacy initiative, according to a report by the Nikkei Asian Review publication. The lender has been working together with Ant Financial since 2012 in areas including funding settlement, foreign-exchange services and the latter's Alipay wallet-related services.

WealthBriefingAsia has contacted Standard Chartered for comment and may update in due course. The bank did not respond to emails.

The report went on to say that Standard Chartered said it will commit at least $20 billion by 2020 to support the initiative.

The One-Belt-One-Road programme being promoted under the leadership of Chinese President Xi Jinping to improve links and economic relations with several countries in Asia and Europe.

Ant Financial was spun off from Alibaba before the e-commerce giant’s record $25 billion New York IPO in 2014. Ant Financial and Alibaba are controlled by Alibaba executive chairman Jack Ma