(Yicai Global) Aug. 3 -- Alibaba Group Holding Ltd.'s [NYSE:BABA] mobile payment platform Alipay will team up with Fave Group Pte., Southeast Asia's successor to Groupon, to offer third-party payments across the region, starting with Singapore.
Under the cooperation, Alipay users will be able to use the app make payments at restaurants and offline retailers who used the Fave system and can benefit from exclusive discounts and bonuses from the Southeast Asian company.
The move will favor Chinese tourists, who are traveling more frequently to Singapore and were the country's biggest spending tourist group in the first quarter, splashing nearly SGD1.1 billion (USD808 billion), according to data from the Singapore Tourism Board.
"Restaurants and offline retailers are the backbone of the economy in Singapore," said Fave founder Joel Neoh, "and we aim to help them succeed. While more than 90% of retail spend is done offline, retailers are always looking for ways to reach out to mobile-savvy customers,"
Founded in July 2016, Fave is the fastest-growing O2O platform in Southeast Asia, offering services covering catering, health, beauty and leisure activities.
Alipay was founded in 2004 and now has over 450 million active users. Its mobile app is one of the most popular mobile payment tools in China.