Ant and the French bank will collaborate on digital payment development, and BNP will work with Alipay, Ant’s payments app, to expand Alipay’s cross-border features. Other elements of the partnership include BNP sponsoring WorldFirst — Ant’s business payment affiliate — for membership in the Single Euro Payments Area. This will enable Ant’s clients to make international payments within the zone with the same easy navigation as other SEPA members.
BNP and Ant will also work together to co-develop blockchain-powered payment and tokenized deposits, which enable traditional bank deposits to be converted to digital tokens. That can make it easier to support digital financial services that operate across borders.
“This is a key step in bolstering our service offering while leveraging on each other’s strengths to offer our clients the best service when it comes to cross-border payments,” said Pierre Fersztand, global head of cash management for payments, trade solutions and factoring at BNP Paribas, in a release.
The partnership enables BNPL and Ant to compete with rivals in several ways. By expanding blockchain and tokenized deposits, BNP can
By scaling digital payments via BNP, Ant and Alipay can improve their ability to compete with PayPal, Block and other payment technology companies that serve both the consumer and business side of payments.
Ant recently agreed to
The BNP partnership and MultiSafePay acquisition enables Ant to expand the services it offers to Chinese travelers and expats while making inroads with Europe-based merchants; while BNP can improve its reach with Asian consumers and businesses.
“Europe is an important region for Ant International, with the rise of cross-border commerce and the increase in travelers to the region,” said Douglas Feagin, president of Ant International, in a release. —John Adams