Ant Financial, Chinese giant Alibaba's financial affiliate, announced their merger with Philippines based payment platform HelloPay Group. Following the merger, HelloPay will be rebranded as Ant Financial’s online and mobile payment solution, Alipay. In its respective markets, it will be known as Alipay Singapore, Alipay Malaysia, Alipay Philippines, and Alipay Indonesia.
The HelloPay team will also join Ant Financial in its Singapore office. After the merger, the Chinese financial services company will be in charge of operating the rebranded HelloPay payment solution. However, all of HelloPay’s features and services will remain unchanged. The rebranded HelloPay will stay separate from Alipay and continue to provide payment services on Lazada’s platform. “There will be no impact to HelloPay’s users and payment partners,” stated Douglas Feagin, senior vice president of Ant Financial, in a press release. Last August, Lazada Indonesia co-CEO Florian Holm told Tech in Asia about Alipay integrating with HelloPay, citing the former’s experience in payment security. “It has massively better systems. It’s extremely important to have good fraud detection,” he said. “Alipay is the biggest and most sophisticated wallet in the world.”