Chinese mobile and online payment platform Alipay came to Stockholm Fintech Hub on Wednesday 20 September to explore Sweden’s flourishing fintech ecosystem.
Arranged in partnership with Business Sweden, the low-key event attracted representatives from banks Nordea and Santander as well as fintech companies Evry and Qliro. Discussions covered QR codes and how Alipay, which boasts some 520,000,000 users, can use them to provide a seamless payment system for Chinese tourists.
The expansion of Alipay, whose parent company Ant Financial was founded in 2004 by Jack Ma of Chinese e-commerce giant Alibaba fame, is part of wider plans for the company to strengthen ties with selected European partners. As well as initiate payment agreements with Swedish fintech companies, the company is also considering establishing server halls in northern Sweden.
The Prime Minister of Sweden, Stefan Löfven, visited China in June 2017 and met Jack Ma, who told him: "I have been to Sweden three times. I am impressed and inspired by all innovation in Sweden,” reports Swedish financial newspaper Dagens Industri.