Citi Partners With Major Hong Kong E-Shopping Platform
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Citi is the latest in Asia to tap into the digital commerce channel amidst the coronavirus pandemic, partnering with major Hong Kong e-shopping platform HKTVmall. Citi Hong Kong’s partnership with the renowned HKTVmall will include a specialized credit card that leverages API technology to enable instant application and approval. The Citi HKTVmall Credit Card also provides other benefits such as discounts and additional points on specific days of the week, according to a Citi statement.
The partnership is timely as HKTVmall has emerged as a major player for homebound Hong Kongers who use the platform to purchase daily necessities. The firm estimates that it has registered $155 million worth of orders in the first quarrier – double of last year – and is set to witness even more demand as it recently announced a decision to start selling surgical masks on the platform as well.
Citi Hong Kong has long collaborated with HKTVmall to enhance customers’ spending experience through Open API,» said Lawrence Li, Citibank Hong Kong’s head of cards and unsecured lending, adding that the latest move furthers the development of smart banking.
Citi is the latest player to leverage digital capabilities to capitalize on the scarce number of potential opportunities available in the struggling economy. Last week, DBS launched a new offering to support F&B businesses by launching a homegrown platform that will enable online ordering and delivery for its SME clients.
The retail industry in Hong Kong is facing unprecedented challenges at the moment. With the changes in the social environment and technological advancement, Hong Kong consumers are now shifting their consumption habits to online shopping, said Ricky Wong, CEO of HKTV.
While it is all about total customer experience for online shopping, every single detail in marketing and promotion, payment and delivery that counts.
Questions & Answers
Q.What is the primary feature of the new credit card offered through the Citi HKTVmall partnership?
What is the primary feature of the new credit card offered through the Citi HKTVmall partnership?
The Citi HKTVmall Credit Card uses API technology to allow for instant application and approval. It also provides customers with discounts and extra points on certain days of the week.
Q.How has HKTVmall's business performed recently, according to the article?
How has HKTVmall's business performed recently, according to the article?
HKTVmall estimates it processed £155 million in orders during the first quarter, which is double last year's figure. The platform anticipates further demand after announcing it will sell surgical masks.
Q.How is the broader retail industry in Hong Kong currently performing?
How is the broader retail industry in Hong Kong currently performing?
The retail industry in Hong Kong is facing significant challenges, with consumers increasingly shifting their shopping habits online. This is due to changes in the social environment and technological advancements.
Q.Has Citi Hong Kong collaborated with HKTVmall before this new partnership?
Has Citi Hong Kong collaborated with HKTVmall before this new partnership?
Yes, Citi Hong Kong has previously worked with HKTVmall to improve customers' spending experience through Open API technology. This new credit card partnership furthers their existing collaboration.
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