HSBC and Citi accountholders to transfer funds through Alipay

According to the latest reports Chinese Alibaba.com Ltd which is the largest online B2B marketplace in the world, has plans to enter into the partnership with HSBC Holdings plc and Citibank A.S. The main objective of the deal will be turning its unit Alipay payment system into an international online payment platform.

With the new relationship Alipay will be able to allow account holders of the two global lenders to pay and transfer funds online via its electronic platform. As it was reported earlier Hangzhou-based company plans to cooperate with MasterCard Incorporated and Visa Inc to launch an internationalized Alipay settlement platform.

According to David Wei, CEO of Alibaba, Alipay will be the platform in Alibaba's B2B international settlement in the third quarter of this year.