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Philippines may tap Alibaba

The Philippines may tap Alibaba’s financial technology solutions through its related company Ant Financial to lower remittance costs for the Philippines’ 10 million-plus migrant workers and offer them other online-based banking and financial management services.

In a statement released on Thursday, Philippine Finance Secretary Carlos Dominguez said Ant Financial’s low-cost mobile payment technology that has helped China attain financial inclusion for its small home-based enterprises can be tapped to help overseas Filipino workers send money back home and prudently manage their finances.

The Overseas Filipinos Bank in Manila can be the launching pad for this online payment platform, Dominguez said.

Geely denies Daimler stake

Chinese automaker Zhejiang Geely Holding Group told the Global Times on Thursday that “it didn’t know the existence of any deal,” following media reports that the automaker had bought a stake in German’s Daimler.

Reuters reported on Tuesday that Geely bought a stake of perhaps less than 3 percent in Daimler in a bid to form an alliance involving electric car technology, citing sources.

“Geely has opted mainly to show its seriousness and to impress on Daimler folks that they are not going away,” said one of the sources, Reuters reported.