Alipay gains Hong Kong foothold with Standard Chartered tie up

Ant Financial Holdings, which operates the Alipay online payments service for the world’s largest e-commerce platforms, has extended its service to Hong Kong through a partnership with Standard Chartered Bank, the two companies said in a statement on Tuesday.

The bank’s customers will be able to top up their Alipay HK accounts through their online and mobile banking portals, shop and pay online without incurring any transaction fee.

Alipay has been working with Hong Kong businesses to promote digital payment since 2014, primarily aimed at tourists and visitors from the Chinese mainland, who are already familiar with cashless payments.

“We are hoping to extend digital payment services to Hong Kong residents soon and the partnership with Standard Chartered is our first step,” said Venetia Lee, general manager of Alipay Hong Kong, Macau and Taiwan.

Vicky Kong, head of Hong Kong retail banking for Standard Chartered Bank said that the partnership would enhance customer engagement with existing clients, and help reach out to new ones.

Many foreign banks already have a partnership with Alipay in mainland China, but Standard Chartered is the first bank to offer this particular service to Hong Kong.

Ant Financial is an affiliate of Alibaba Group Holdings, which operates the Taobao and Tmall online shopping sites. Alibaba is also owner of the South China Morning Post.