Lates News

Alibaba's cross-border e-commerce platform, Alibaba.com, announced a collaboration with JPMorgan to introduce a tokenized payment system to provide faster cross-border settlement solutions for its global B2B business. This partnership is seen as one of the first large-scale implementations of blockchain technology backed by banks in the international trade sector. The collaboration was announced at the CoCreate Europe event in London. Alibaba stated that they will utilize JPMorgan's tokenized infrastructure to address the longstanding issues in cross-border B2B payments, such as multiple intermediaries, high exchange costs, and long settlement cycles. Traditional cross-border payments often require multiple bank transfers, while tokenized payments can facilitate synchronous cross-jurisdictional fund flows, significantly reducing delays and costs.