Corporate News Blog - Alibaba Announces Agreement with Ant Financial and Cathay Pacific; Set to Reinforce China's Outbound Tourists' Payment Infrastructure
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LONDON, UK / ACCESSWIRE / August 7, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Alibaba Group Holding Ltd (NYSE: BABA), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BABA. The Company announced on August 04, 2017, that in collaboration with Ant Financial Services Group, Alibaba Group's related Companies, and Hong Kong-based carrier Cathay Pacific it would explore a range of initiatives to capture the potential of outbound travel among Chinese consumers to enhance the overall customer experience. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Agreement
This agreement connects Cathay Pacific with Alibaba's three key businesses, namely: travel services, cloud computing, and payments. The Company will examine potential solutions to deliver optimized travel experiences. Also, Alibaba will leverage its consumer insights developed from its 507-million strong mobile active users to support the carrier accurately and effectively, hence allowing it to reach a wider range of travelers.
Under the framework, the cloud computing arm of Alibaba will support Cathay Pacific with its best-in-class cloud computing services powered by its data centers and global network resources in 14 regions. Alibaba's travel services platform, Fliggy, will allow Cathay Pacific's passengers on an enhanced level of customization when planning a journey. Also, Alipay, an online and mobile payment solution operated by Ant Financial, will collaborate with Cathay Pacific to explore payment services option at different touch points across the passenger journey.
The Macau City Partnership
Alibaba also announced on August 04, 2017, that in collaboration with the Government of Macau Special Administrative Region, it has entered into a strategic partnership framework agreement, pursuant to which, Alibaba will reinforce Macau's infrastructure, transforming it into a smart city, using cloud computing technologies, to boost the tourism business in the city.
The partnership, post the exchange of the Memoranda of Understanding on August 04, 2017, will last for four years. In the first phase, from 2017 to 2019, the collaboration will focus on cloud computing, smart transportation, smart tourism, smart healthcare, and smart city governance.
Under cloud computing, the parties will collaborate to develop a dedicated smart technology platform in an attempt to promote cloud computing technologies in Macau.
The parties will also develop a smart transportation network for the city to optimize the management of road, water, and air traffic; judiciously using the city's transportation resources.
The Company will support Macau in the development of smart tourism, leveraging the number of visitors, and offering target consumer marketing tools. Eventually, it is expected that tourists visiting Macau will enjoy insight-driven guided tours, convenient mobile payments, and customized online promotions at the airport, commercial districts, tourist spots, convenience stores, and restaurants.
Alibaba will help the city develop its electronic medical system and assist in decision-making through the use of online medical information.
The Company will also assist the city in the development of a centralized cloud-based platform that connects different government departments to enhance the efficiency of the city' governance.
The $260 Billion Targeted Market
According to the UNWTO (United Nations World Tourism Organization), Chinese tourists traveling abroad transacted $261 billion in 2016, up $11 billion from 2015 spending. China sent 135.0 million tourists abroad in 2016, up 6.0% YOY. Alibaba aspires to establish itself as a market leader in the segment, by leveraging Alipay, which currently has about 450 million active users. The Company competes with WeChat Pay by Tencent, where the Companies are racing to lead the market of processing mobile payments for Chinese tourists traveling overseas.
Ant Financial, the operating body of Alipay, struck a deal to launch Alipay in Europe in 2015, and also supports payments for Chinese tourists traveling to South Africa. Alibaba struck a deal with Tencent for their payment services in Southeast Asia, a popular destination for Chinese travelers.
Last Close Stock Review
At the closing bell, on Friday, August 04, 2017, Alibaba's stock marginally climbed 0.01%, ending the trading session at $153.33. A total volume of 10.02 million shares have exchanged hands. The Company's stock price skyrocketed 32.14% in the last three months, 52.73% in the past six months, and 80.92% in the previous twelve months. Moreover, the stock soared 74.62% since the start of the year. The stock is trading at a PE ratio of 60.63 and currently, has a market cap of $392.68 billion.
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