Ant Financial, the financial services affiliate connected to Alibaba which operates the Alipay mobile payment service, revealed that the funds will be used to accelerate Alipay’s global expansion (deepening its presence in non-China markets) and invest in developing technology to further enhance the company’s ability to deliver inclusive financial services to unbanked and underbanked consumers and small enterprises globally.

Other firms acting for GIC included White & Case, with Appleby advising on all aspects of Mauritius law. Appleby’s Mauritius team included Partner Malcolm Moller and Counsel Anjana Ramburuth.

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