Market Overview

Alipay Launches World's First Paperless Tax Refund Service in South Korea

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Chinese tourists can now apply for and immediately receive tax
refunds through mobile Alipay app

Alipay, the world's leading mobile payment and lifestyle platform
operated by Ant Financial Services Group, announced that it has
partnered with Global Tax Free ("GTF"), a tax refund agency, to launch
the world's first paperless mobile tax refund function in South Korea.

Alipay has consistently been at the forefront of innovation that
supports mobile tax refund solutions globally. In early 2017, Alipay
initiated a real-time tax refund service in Europe which enabled users
to instantly receive tax rebates in their Alipay accounts after scanning
their Alipay QR code at airport tax counters.

The newly introduced tax refund service in South Korea further
simplifies the process by enabling Chinese tourists to apply for and
claim tax rebates on their mobile phone app, skipping in-city and
airport tax refund counters altogether. After scanning their passports
at self-service kiosks prior to leaving South Korea, Chinese tourists
can process tax rebates and immediately receive RMB refunds by using the
Alipay mobile app to scan tax refund receipts within 90 days of
purchasing.

"Since 2013, Alipay has continuously explored ways to expedite tax
refunds for Chinese tourists to enhance the outbound travel experience.
Alipay users can already receive tax refunds at more than 80 airports
and a growing number of in-city shops globally after processing at a tax
counter," said Danny Chung, General Manager of Alipay Korea.

"With this unique new function, Alipay users can skip the queue and
process tax refunds on their mobiles, without filling out and submitting
any paper work. This will both save time and make it easier to claim
refunds. We look forward to working with our partners and leveraging our
technological capabilities to bring more convenient tax refund solutions
to outbound Alipay users," added Mr. Chung.

South Korea is the world's most convenient destination for tourists to
claim tax refunds and approximately 10,000 merchants in South Korea
support the GTF tax refund service. The introduction of the mobile
service will expedite the tax refund process in South Korea. Alipay and
GTF have plans to expand the tax refund service to more merchants and
other countries in Asia in the future.

About Alipay

Operated by Ant Financial Services Group, Alipay is the world's largest
mobile and online payment platform. Launched in 2004, Alipay currently
works with over 200 domestic financial institution partners. Over the
years, Alipay has evolved from a digital wallet to a lifestyle enabler.
Users can hail a taxi, book a hotel, buy movie tickets, pay utility
bills, make appointments with doctors, or purchase wealth management
products directly from within the app. In addition to online payments,
Alipay is expanding to in-store offline payments both inside and outside
of China. Alipay's in-store payment service covers over 40 countries and
regions across the world, and tax reimbursement via Alipay is supported
in 29 countries and regions. Alipay works with over 250 overseas
financial institutions and payment solution providers to enable
cross-border payments for Chinese travelling overseas and overseas
customers who purchase products from Chinese e-commerce sites. Alipay
currently supports 27 currencies.

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