AlipayHK reaches million-user milestone

Business | Tracy Hu 9 Mar 2018

AlipayHK yesterday said it has attracted over one million registered users and established partnerships with 10,000 outlets in Hong Kong since its launch in May 2017.

Jennifer Tan Yuen-chun, chief executive of Alipay Payment Service Limited, said 80 percent of the partners accept both AlipayHK and Alipay at this stage.

Asked if the two versions of Alipay will be merged, Tan said that the company is studying the regulatory guidelines to see if AlipayHK could be used on the mainland.

Tan also said the company is studying the details of applying for a Virtual Banking license launched by HKMA.

The local version of China's biggest electronic wallet is now operated by Alipay Payment Service, a joint venture created last year by CK Hutchison Holdings (0001) and Ant Financial, the payment affiliate of Alibaba Group Holding.

Under this venture, Alipay offers services via companies under CK Hutchison and gives CK Hutchison a stake in Ant Financial's Hong Kong business. Prior to that, Ant Financial solo operated its payment app under the Alipay brand in Hong Kong.

Canning Fok Kin-ning, group co-managing director of CK Hutchison, said: "We hope to work together and make AlipayHK more widely adopted, bringing benefit and cheers to consumers and creating value for shareholders."

Eric Jing Xiandong, chief executive of Ant Financial, said the company hopes the platform can leverage its technological expertise to shorten the distance between retailers and consumers.

Tracy Hu

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