Alipay gains Hong Kong foothold with Standard Chartered tie up
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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.
Questions & Answers
Q.What new service does the Standard Chartered partnership enable for its customers?
What new service does the Standard Chartered partnership enable for its customers?
Standard Chartered customers can now top up their Alipay HK accounts using their online and mobile banking. This allows them to shop and pay online without paying any transaction fees.
Q.Who has Alipay primarily targeted in Hong Kong with its digital payment services since 2014?
Who has Alipay primarily targeted in Hong Kong with its digital payment services since 2014?
Since 2014, Alipay's digital payment services in Hong Kong have primarily targeted tourists and visitors from mainland China. These groups are already accustomed to using cashless payment methods.
Q.How does Standard Chartered expect to benefit from this new partnership with Alipay?
How does Standard Chartered expect to benefit from this new partnership with Alipay?
Standard Chartered expects the partnership to improve engagement with its current clients. It also aims to attract new customers through the expanded digital payment offerings.
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