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.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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