Alibaba and J.P. Morgan Chase collaborate to develop token payment system.

Alibaba.com, the cross-border e-commerce platform under Alibaba, announced a partnership with JPMorgan Chase to introduce a tokenized payment system, providing a faster cross-border settlement solution for its global B2B business. This collaboration is seen as one of the first large-scale implementations of blockchain technology endorsed by a bank in the international trade field. The partnership was announced at the CoCreate Europe event held in London. Alibaba stated that they will utilize JPMorgan Chase's tokenized infrastructure to address pain points in cross-border B2B payments such as multiple intermediaries, high exchange costs, and long clearing cycles. Traditional cross-border payments often require multiple layers of bank transfers, while tokenized payments can facilitate synchronous fund flow across jurisdictions, significantly reducing delays and costs. JPMorgan Chase recently launched JPMD, a tokenized US dollar deposit available to institutional clients on Coinbase's Base blockchain. This token directly corresponds to real US dollar deposits on its balance sheet, enabling round-the-clock, nearly instant cross-border settlements that are more secure and regulatory compliant compared to stablecoins issued by non-banking institutions. The two sides will also support a new feature called "agentic pay" launching in December. This tool uses AI to automatically generate contracts based on the conversation between buyer and seller, converting informal communication into verifiable formal agreements, thereby enhancing transaction efficiency. In addition to payment technology, Alibaba.com has introduced a subscription service called "AI Mode" that provides advanced search functions such as supplier comparison, logistics, and capacity evaluation using the "Thousands of Questions and Answers" model, with a subscription fee of $20 per month or $99 per year. This means Alibaba.com is transitioning from traditional advertising and transaction fee models to AI-driven value-added services. The company stated that the number of active suppliers on the platform increased by 50% year-on-year from March to October this year. JPMorgan Chase's Kinexys tokenized payment network currently processes over $3 billion in enterprise transactions daily, with its tokenized system handling daily volumes exceeding $1 billion.