Alibaba Group has signed a new agreement with Banking Circle to facilitate Alibaba cross-border payments.

Following the partnership, Alipay will leverage Banking Circle’s infrastructure and global network to carry out online cross-border payments.

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Alibaba cross-border payments

Commenting on the partnership, Alibaba Group head of payments Paul Li said: “We are delighted to partner with Banking Circle.

“Its global network and disruptive technology makes it an ideal partner for Alibaba’s future ambitions, building on the global infrastructure and technology platform that underpins the financial utility.”

Established in 2013, Banking Circle offers global payment account transactions and foreign exchange services to various financial institutions.

Banking Circle co-founder and CEO Anders la Cour said: “Payment providers who join Banking Circle can offer ‘local’ cross border payments, with low fees, good FX rates and fast transfer times.

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“It’s a cohesive solution – there’s no differentiation between local and cross border payments. All payments occur quickly, at low cost. Payments are simply payments.”

In July, Saxo Bank, along with other minority stakeholders, entered into an agreement to divest Banking Circle to global investment firm EQT.

As part of the agreement, EQT unit EQT VIII will also acquire the majority stake of the company. However, Banking Circle’s existing management team will continue to lead the operations of the company.

Moreover, the deal, subject to regulatory approvals, will complete in the fourth quarter of 2018.