Chinese mobile payment firm Alipay struck a €200M ($226.7M) sponsorship deal with UEFA as the technology group, which is controlled by the billionaire Jack Ma, "steps up efforts to go global," according to Ahmed & Lucas of the FINANCIAL TIMES. On Friday, Alipay was unveiled as the "official global payment partner" for UEFA's national team competitions, including the Euro 2020 and 2024 tournaments. Alipay, the payment platform operated by Ant Financial, has more than 700 million active users in China and is currently only available to Chinese residents or bank accounts holders. The eight-year deal is "in part aimed at Chinese tourists travelling to Europe," who will be able to use their digital wallets and mobile apps at UEFA men’s national team events, while also "helping to promote the company throughout Asia," where European football is watched by hundreds of millions of fans on TV (FT, 11/9). BLOOMBERG reported Ma, an avid football fan, is "trying to expand Alipay's footprint abroad in part by tracking the country's wave of tourists," but "got stymied" in the U.S. when regulators blocked Ant's attempt to buy Moneygram Int'l Inc. Ant Financial CEO Eric Jing said that his company can "help UEFA reach and interact with a potential audience of billions in Asia." Asian firms such as Ant are "at the forefront" of global financial technology, "riding a wave of mobile phone adoption across the region" (BLOOMBERG, 11/9).
