Luxembourg finance minister Pierre Gramegna is pictured in China with Eric Jing, CEO of Ant Financial Finance ministry

Luxembourg finance minister Pierre Gramegna is pictured in China with Eric Jing, CEO of Ant Financial Finance ministry

The confirmation came during a financial mission to China led by DP finance minister Pierre Gramegna, which included a delegation of around 100 people from 9-13 September.

According to the government, Eric Jing, the president of Alipay’s parent company, Ant Financial, confirmed Luxembourg’s role in the company’s international development strategy.

The confirmation comes almost four years after the moves were first publicly mooted. Following a mission in 2014, Delano reported that Alipay would launch a Luxembourg unit later that year.

Sometimes referred to as “China’s Paypal”, Alipay is a third-party mobile and online payment platform. It was established in Hangzhou, China, in 2004 and today counts over 520 million users.