Alibaba Teams Up with J.P. Morgan to Develop Tokenized Payment System

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On November 14th, Alibaba's cross-border e-commerce platform, Alibaba.com, announced a partnership with JPMorgan Chase to introduce a tokenized payment system, aiming to provide a faster cross-border settlement solution for its global B2B business. This partnership is regarded as one of the first large-scale applications of bank-endorsed blockchain technology in the international trade field. The collaboration was announced at the CoCreate Europe event held in London. Alibaba stated that it will make use of JPMorgan Chase's tokenization infrastructure to address the long-standing problems in cross-border B2B payments, such as the presence of multiple intermediaries, high exchange costs, and long settlement cycles. Traditional cross-border payments usually require multiple bank transfers. In contrast, tokenized payments can achieve synchronous cross-jurisdictional fund flows, which can significantly reduce delays and costs. (Jinse)

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