Ant Financial, the financial affiliate of Alibaba Group Holding, said on Tuesday that it has forged a strategic partnership with CK Hutchison Holding. They will set up a joint venture to operate AlipayHK services in Hong Kong, domestic news site thepaper.cn reported.
The joint venture is still waiting for regulatory approval, and the deal is expected to be completed by the end of 2017.
Alipay entered the Hong Kong market in early 2007. It won a payment license from the Hong Kong Monetary Authority in August 2016.
