CHONGQING (CQNEWS) -- Alipay (China) Network Technology Co. Ltd. (under Alibaba Group) set up its Chongqing branch in Liangjiang New Area, extending Alibaba’s e-commerce settlement service to Chongqing, according to Liangjiang New Area on November 26th, 2013.

Since 2011, Alibaba Group established a petty loan company and a guarantee company concentrated in “internet micro-credit” in Liangjiang New Area. With the Alipay branch being set up in the city, Alibaba’s 2 pillars in the financing realm, namely petty and micro-finance and settlement service have therefore been settled in Chongqing. Alibaba’s planning to distribute financing service in western China is essentially completed and Chongqing accordingly has become the western headquarters on Alibaba’s financial map.

For the moment, Chongqing is proactively forging an international settlement financial center, and Liangjiang New Area will be the major platform. During the first 3 quarters of 2013, Liangjiang’s financial industry realized an added value of 9.447 billion yuan, up 34% over the last year, and is the industry with the fastest growth. (Translated by Chen Siyan, Fathom Language Limited)