The apparel chain filed for bankruptcy in January and closed its e-commerce site and stores.
The deal aims to forge joint efforts to establish an enhanced e-commerce environment to benefit consumers and small businesses within and outside China.
Hangzhou, March 28, 2013 – Alibaba Group, China’s largest e-commerce company, and MasterCard have signed a Memorandum of Understanding (MOU) to explore future collaboration in the area of e-commerce. The MOU aims to forge joint efforts to establish an enhanced e-commerce environment to benefit consumers and small businesses within and outside China. The two parties have also agreed to jointly address issues of common interests, including a strong mutual commitment to help combat intellectual property infringement.
As leaders in their respective industries, both companies believe that innovation and collaboration are the drivers of development in e-commerce, and are committed to fostering an enhanced e-commerce environment that provides a safe and efficient payment experience for users of Alibaba Group’s platforms such as AliExpress and its affiliate Alipay. Both parties have agreed to cooperate on innovations including MasterPass Wallet Services; cross-border payment and acceptance; and also on security and risk management.
“MasterCard and Alibaba Group have fostered a strong collaboration in the area of e-commerce in the past years, which include integration of Alipay into the global payment solution of DataCash, joint promotions with AliExpress, as well as efforts in building an anti-piracy mechanism. This MOU is another significant step in the joint effort of both companies to drive the innovation and development of e-commerce in China. We are looking forward to seeing fruitful results from these collaborations,” said Ling Hai, division president of Greater China, MasterCard.
“We are delighted to continue our collaboration with MasterCard and take it to a deeper level. Alibaba Group and its affiliate Alipay will seek to work with MasterCard on a number of innovative services in order to provide an enhanced shopping experience to consumers as well as a better online business environment to small businesses in and outside China,” said Lucy Peng, CEO of Alibaba Small and Micro Financial Services Group.
About MasterCard Worldwide
MasterCard (NYSE: MA), www.mastercard.com,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere. Since it was founded in 1999, the China-based Alibaba Group has developed leading businesses in consumer e-commerce, online payment, business-to-business marketplaces and cloud computing. Alibaba Group operates Taobao Marketplace (www.taobao.com), China's most popular online shopping destination; Tmall.com (www.tmall.com), China’s leading online platform for merchants offering quality, brand-name goods to consumers; eTao (www.etao.com), a comprehensive shopping search engine; Alibaba.com International (www.alibaba.com) and Alibaba.com China (www.alibaba.cn), leading business-to-business marketplaces for small businesses engaged in international trade and domestic China trade, respectively; AliExpress (www.aliexpress.com), a leading global e-commerce marketplace for consumers; and Alibaba Cloud Computing (www.aliyun.com), a developer of platforms for cloud computing and data management. Alipay (www.alipay.com), the most widely-used online payment service by consumers and merchants in China, is an affiliate of Alibaba Group.