Chinese e-commerce site Alibaba Group said Monday it will invest CNY5 billion (US$732 million) to upgrade its online payment platform, Alipay, over the next five years.
The investment, part of Alibaba Group's effort to expand its presence in the global online trading business, is aimed at making online payments more secure and developing new services and technology such as mobile payments. The company said it will also use the funds to attract and retain talented employees. Yahoo Inc. owns 39% of Alibaba Group, the parent of Hong Kong-listed business-to-business online trading platform operator Alibaba.com (1688.HK). Alibaba Group also operates Taobao.com, an online shopping Web site and China Yahoo, a Chinese-language portal service. Alipay's registered user base totaled more than 300 million as of March, the company said. Dow Jones Newswires
Monday, April 12, 2010
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