Alipay and Agricultural Bank of China to establish European HQ in Luxembourg

Luxembourg minister of finance Pierre Gramegna has confirmed that Alipay, a major online payment platform in China, and the Agricultural Bank of China will establish their European entity in Luxembourg.

“Five of the six largest Chinese banks have chosen Luxembourg as their hub in Europe confirming its attractiveness as an entry gate into the European Union’s Single Market.

With these new financial players from China, Luxembourg will also further increase its leadership as a European Renminbi hub” says Gramegna.

Earlier this week, Luxembourg’s Central Bank and PBoC signed a Memorandum of Understanding setting the framework for a future designation of a Renminbi clearing bank in Luxembourg.

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