Alibaba looks for payment service with Honda Motor

Business | Tracy Hu 4 Jan 2018

E-commerce giant Alibaba Group is collaborating with Honda Motor to launch services for connected cars, while its plan of a US$1.2 billion (HK$9.36 million) deal was rejected by the US government.

According to a report from Nikkei, AutoNavi, a mapping app for drivers, will develop a function with Honda to allow users to settle payment via Alipay while using the navigating app to book services.

In the United States, the plan of Ant Financial to acquire US money transfer company MoneyGram International was reported to have failed after a government panel rejected it over national security concerns. It was the most high-profile Chinese deal to be canceled under the administration of Donald Trump.

The deal's failure represents a blow for Jack Ma Yun, the executive chairman of Alibaba Group, which owns Ant Financial together with Alibaba executives.

He was looking to expand Ant Financial's footprint amid fierce domestic competition from rival Tencent Holdings' (0700) WeChat payment platform.

Meanwhile, mainland media reported that LeEco founder Jia Yueting, who stayed in the US after missing a deadline issued by authorities to return to China before the end of 2017, has set 930,000 yuan (HK$1.18 million) as the price for his electric car.

He has recently responded on social media that he planned to stay and focus on his electric car business in the US and he has asked his wife and brother to settle all the debt problems in China.

Reuters

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