18 August 2019

ICBC limits Alipay payments to Zhejiang branches, paper says

Industrial & Commercial Bank of China Ltd. (01398.HK, 601398.CN), China’s largest bank by assets, said customer express-payment transactions with Alibaba Group’s third-party payment service Alipay will be limited to its Zhejiang branches so it can safeguard the transactions, the Beijing News reported Wednesday. The bank also cited “management purposes” for the decision but said closing the windows at other branches would not stop transactions as long as Alipay cooperated with the move. ICBC and the three other major state-owned banks have also cut transaction limits on express payments, citing security grounds, the report said.

– Contact HKEJ at [email protected]


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