Libya’s privately owned North Africa Bank announced yesterday that it is to launch a direct payment service to China using Alipay soon.
North Africa Bank account holders will be able to make direct mobile phone payments to China using an App.
North Africa Bank said this new service comes as part of its efforts to strengthen cooperation with Chinese financial and technology (Fintech) institutions.
The news came after a meeting was held between the Bank’s General Manager and his deputies and representatives from the Chinese company Alipay in Tripoli.
The meeting focused on exploring cooperation opportunities and developing innovative digital payment solutions, aiming to facilitate financial and commercial transactions for the Bank’s customers and enhance their access to the Chinese market.
North Africa Bank said the initiative is a new step toward more advanced banking services with global connectivity.
Alipay
Alipay is a major mobile and online payment platform from China that lets people pay for things using their phones.
It is a highly secure digital wallet used by over a billion people, primarily in China. It is owned by Ant Group, an affiliate of the massive Alibaba Group, making it one of the largest financial technology companies in the world.
Overseas users have a single transaction limit of 5,000 USD and an annual cap of 50,000 USD.