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A new AlipayHK digital wallet joint venture aims to promote a more efficient cashless society in Hong Kong, its partners say.
Conglomerate CK Hutchison Holdings and Ant Financial Services Group, the parent company of Alipay, say the move will further integrate online and offline payments for consumers.
Dedicated to local-currency payments in Hong Kong, AlipayHK attracted more than 100,000 active users in its first two weeks after launching in May. The mobile app is now accepted in more than 4000 brand outlets in Hong Kong, and also offers in-app lifestyle features such as third-party insurance and the ability to receive offers such as F&B vouchers and sticker rewards from partners, such as online dining guide OpenRice.
With a global presence, CK Hutchison and its affiliates have consumer networks with more than 124 million retail loyalty members. In Hong Kong, it has more than 600 stores selling telecommunications, food, electronics, wine, and health and beauty products.
Ant Financial provides digital services to more than 520 million users in China and beyond. Through the Alipay app, Mainland Chinese users can hail taxis, book hotels, buy movie tickets, pay utilities, make medical appointments and manage their finances. Ant Financial also provides digital financial services to more than 250 million overseas users through strategic partnerships in India, Korea and Southeast Asia.
“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 group customer, but also to all businesses in Hong Kong,” says CK Hutchison group co-MD Canning Fok.
Subject to regulatory approval, the JV is expected to be completed by the end of the year.