Alibaba collaborates with JPMorgan to develop a tokenized payment system
ChainCatcher News, according to Golden Ten Data, Alibaba's cross-border e-commerce platform Alibaba.com has announced a partnership with JPMorgan to introduce a tokenized payment system, providing a faster cross-border settlement solution for its global B2B business. This collaboration is regarded as one of the first large-scale implementations of blockchain technology in international trade with the endorsement of a bank. Alibaba stated that it will leverage JPMorgan's tokenization infrastructure to address pain points in cross-border B2B payments, such as numerous intermediaries, high foreign exchange costs, and lengthy settlement cycles.
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