Douglas Feagin, President of International Business, Ant Financial Services Group, said, "As part of our globalization strategy, we are focused on working with local partners to bring a seamless Alipay mobile payment experience to Chinese tourists, no matter where they go. The MoU makes Monaco the 12th country in Europe to accept Alipay, and we are very excited to launch the platform in the principality in collaboration with the Government of Monaco and our banking partner BNP Paribas."

H.E Mr Serge Telle, the Prime Minister of Principality of Monaco, said, "The future is becoming cashless, and China is increasingly leading the market in mobile payment innovations. It is exciting that these frictionless payment methods are available to our Chinese visitors for the first time and we look forward to seeing this partnership come to fruition."

The MoU was agreed at a signing ceremony attended by senior dignitaries and business figures:
• Douglas Feagin, President of International Business, Ant Financial Services Group
• H.E Mr Serge Telle, the Prime Minister of Principality of Monaco
• Bernard D'Alessandri, CEO, Monaco Yacht Club
• Gilbert Schweitzer, CEO, Monacair
• Jean Luc Biamonti, CEO, Monte-Carlo Société des Bains de Mer
• Didier Boidin, COO, Monte-Carlo Société des Bains de Mer
• Serge Ethuin CEO, Métropole Hotel
• Xavier Rugeroni, General Manager and Régional Vice President, Fairmont Hotel, Monte Carlo

Over ten merchants in Monaco are already accepting Alipay, including Monte-Carlo Société des Bains de Mer with 4 hotels (Hôtel de Paris Monte-Carlo, Hotel Hermitage Monte-Carlo, Monte-Carlo Bay Hotel and Resort, Monte-Carlo Beach), 3 spas including Thermes Marins Monte-Carlo, souvenir and gifts shops, and restaurants and bars. Alipay is also accepted by Monacair, Monaco's V.I.P. helicopter airline and official supplier to S.A.S. the Sovereign Prince of Monaco. Merchants who may onboard with the platform in the coming months include the Monaco Yacht Club, Metropole Hotel, and the Fairmont Hotel.

BNP Paribas, one of Alipay's key partners in Europe, enables merchants to accept Alipay across Monaco.

The agreement was brokered by Stelitt, which has partnered with Ant Financial in marketing Alipay in Monaco and France.

Pascal Do, CEO of Stelitt added: "Tourism accounts for 12% - 15% of GDP in Monaco and is a major driver of the economy. We are happy to connect Monaco and Alipay; making it easier for Chinese visitors to purchase souvenirs and experiences in a cashless way is a win-win."

Alipay is now accepted by more than eight million merchants across China and 120 thousand bricks-and-mortar shops overseas. Ant Financial has a number of key collaborations in Europe through its network of local acquirers including BNP Paribas, Barclays, Concardis, Ingenico, SIX, UniCredit, SIX, and Wirecard.