Under the MoU, the two parties have agreed to jointly address issues of common interests, including a mutual commitment to help combat intellectual property infringement.
Both parties have also decided to cooperate on innovations including cross-border payments, acceptance, security and risk management as well as with MasterPass, the MasterCard digital service that allows consumers to use any payment card or enabled device.
In recent news, Alibaba has appointed Jonathan Lu Zhaoxi as the new chief executive, replacing the current chairman Jack Ma, who founded the company in 1999.
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