Alibaba Group has signed up with Banking Circle, the global scale financial utility, to utilise Banking Circle’s ground-breaking infrastructure and global network to facilitate its business. Specifically, the deal will improve the situation regarding cross border payments.
Payment providers who join Banking Circle can offer ‘local’ cross border payments, with low fees, good FX rates and fast transfer times. 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.
– Anders la Cour, co-founder and Chief Executive Officer, Banking Circle
Based in the European Union, Banking Circle specialises in providing global payment account transactions and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers.
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.
– Paul Li, Head of Payments, Alibaba Group
It was announced back in June that global investment firm EQT (through the EQT VIII and EQT Ventures funds), together with company founders and other co-investors entered into an agreement to acquire Saxo Payments Banking Circle from Saxo Bank A/S and other minority owners.
