Alipay making strategic move to Shanghai

Alipay, the world's largest mobile payment company and a financial affiliate of Alibaba Group Holding Ltd, is planning to move to Shanghai's Lujiazui financial district in order to reinvent itself as a financial institution rather than just an Internet company.

Currently headquartered in Hangzhou, Alipay will leave the Zhejiang provincial capital to make it easier to do business in Shanghai, said a person with direct knowledge of the move who asked not to be identified.

Several other units under Alibaba's finance arm of Zhejiang Ant Small & Micro Financial Services Group Co are already in Shanghai. The person didn't specify when the relocation would be complete, Bloomberg reported.