China's fintech companies extend overseas business

Chinese shoppers can now enjoy a real-time VAT refund service via their mobile phones at airports in three European cities: Milan, Munich and Helsinki, saving them weeks of waiting time if receiving the refund by card.

The announcement, made on Thursday by Ant Financial Services Group's payment arm Alipay, is the latest milestone in Chinese fintech companies' overseas expansion. Last month, Alipay collaborated with Finnish mobile payment provider ePassi to begin taking mobile payments for shopping and services on Finnair's flights, marking the first ever mobile payment service in the air.

"In the fintech and mobile internet sectors, China is a global leader thanks to business, innovation, market size and population density," said Alexander Yin, chief financial officer of TCG, parent company of ePassi.