The world's most valued unicorn Ant Financial Services Group reinforces its overseas payment business through collaborating with European company Adyen.

For the second quarter of this year, Alibaba's revenue was CNY 114.92 billion (USD16.74 billion), an increase of 42% year on year. Net income amounted to CNY 19.12 billion (USD2.79 billion), up 150% compared to the same quarter of 2018.

QFPay closed a new round of funding of USD 20 million on August 13. Investors included existing shareholders Sequoia Capital China and Matrix Partners China and three new financial backers -- MDI Ventures, Rakuten Capital and VentureSouq.

The collaboration between Alipay and the African payment company Flutterwave shows a trend of the increasing presence of Chinese companies in African tech.

Opera, an Internet search engine which founded OPay due to the web-browser’s popularity, was acquired in 2016 for USD 600 million by a consortium of Chinese investors.

While it is seemingly a marketing gimmick aimed at enhancing brand awareness, the photo retouching feature reveals Ant Financials’ ambition to drive broader adoption of its facial recognition payment.

EO Intelligence Report -- Ant Financial Case Study

Working with more than 250 overseas financial institutions and payment solution partners, Alipay currently supports 27 different exchange rates.