Alibaba’s Alipay was granted an eMoney license in Luxembourg to allow the company to serve customers across Europe; the eMoney license provides Alipay the ability to passport their services across different countries; with an influx of Chinese tourists across Europe Alipay is ensuring they have access to services they are already comfortable using; the license is part of a wider trend in Europe as fintech firms begin to service customers across the region instead of being country specific; there is still uncertainty surrounding the UK as Brexit negotiations are still ongoing with no firm resolution in sight. Source.
