Hangzhou, 4th May: Pacific Epoch has reported that the Alibaba Group has agreed to invest US$12 million in UCWeb, a Guangzhou-based mobile browser developer. UCWeb will reportedly focus on building a mobile Internet e-commerce platform. However, neither UCWeb nor the Alibaba Group has confirmed the report.  Separately, Pacific Epoch also reports that Alipay, the Alibaba Group’s online payment tool, confirmed that the company will soon begin promoting its mobile payment services. Over the past year, Alipay has opened more 100,000 user accounts to test the service. The service will allow users to make payments of up to RMB 200 (US$30) through their mobile phones.   Sources: Pacific Epoch article, Pacific Epoch article

BIIA Newsletter May 2009 Issue