Ant Financial in Hong Kong mobile wallet deal
Written by Chris Lemmon
Ant Financial and CK Hutchison have announced a strategic partnership that will see the two companies offer a consumer-orientated digital wallet in Hong Kong.
Under the ‘AlipayHK’ brand, the new mobile wallet aims to further integrate online and offline payments to provide a universal experience for consumers. AlipayHK attracted over 100,000 active users in the first two weeks after its launch last May, with the mobile app now accepted in over 4,000 leading retail brand outlets in Hong Kong.
On top of in-store payment services, AlipayHK also enables many in-app lifestyle features such as third-party insurance products, and the ability to receive offers such as F&B vouchers and sticker rewards from local partners, such as online dining guide OpenRice.
Canning Fok, group co-managing director of CK Hutchison, said: “The joint venture represents a remarkable step in the evolution of the consumer experience. By leveraging CK Hutchison’s extensive market presence and combining its commercial experience with Ant Financial’s technology expertise, we will bring great benefits not only to our telecom, retail, and other customers of the Group, but also to all businesses in Hong Kong. This will, in turn, create greater shareholder value.”
Eric Jing, CEO of Ant Financial, added: “There are millions of people travelling across the Guangdong-Hong Kong-Macau Greater Bay Area every month. Ant Financial is dedicated to bringing digital financial inclusion to the citizens in the region and help them to create a more convenient and productive lifestyle. We believe that our users will enjoy the tremendous benefits delivered through this strategic partnership in the near future.”
The joint venture is expected to be completed by the end of 2017, subject to regulatory approval.