Alipay Banks on Hong Kong Billionaire to Open Local Wallets

By Wei Yiyang and Leng Cheng

Alipay's May arrival in Hong Kong made the city the sixth offshore market in which the firm has begun offering payment services in the local currency, as the company hopes to replicate its success on the Chinese mainland where it can be used for a wide variety of things, from buying meals to paying highway tolls on the Shanghai-Hangzhou expressway (pictured). Photo: Visual China

Ant Financial Services Group, parent of the popular Alipay online payments service, said it will set up a joint venture with Hong Kong billionaire Li Ka-shing’s CK Hutchison Holdings to deepen its service in the former British colony, in its latest move targeting users outside the Chinese mainland.

The joint venture, which will take over from Alipay’s existing Hong Kong presence, is expected to be set up by the end of 2017 and continue to use the “AlipayHK” brand, according to a joint statement. The deal still requires approval from the Ministry of Commerce.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

404 Page - Caixin Global

Page Not Found

We're sorry,we seem to have lost this page.

Back to Caixinglobal.com