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FinanceAnt International adds Hang Seng Bank as Alipay+ banking partner in Hong Kong
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Ant International has added Hang Seng Bank as a banking partner to its Alipay+ unified wallet gateway, marking the first such partnership in Hong Kong. The collaboration allows Hang Seng Mobile App users to make payments by scanning QR codes across over 100 million merchants in more than 55 countries and regions, including mainland China and overseas. Alipay+ now connects over 50 digital wallets and financial institutions, including traditional banks and digital-only providers. Ant International cited rising demand for outbound cross-border payments from Asia Pacific, which is projected to nearly double to $3.7 trillion by 2032. The company recently closed a $1.2 billion Series A funding round to accelerate global expansion and product development across merchant payment and financial services.
Source report
Author: Aninda Chakraborty Source: Electronic Payments International
Ant International has added Hang Seng Bank as a banking partner to Alipay+, its unified wallet gateway.
The Alipay+ network now includes more than 50 digital wallets and financial institutions, covering both traditional banks and digital-only providers. Hang Seng Bank is Alipay+'s first banking partner in Hong Kong.
Under the partnership, Hang Seng Mobile App users can make payments by scanning QR codes in the Chinese Mainland and overseas. The service is available at more than 100 million merchants across over 55 countries and regions.
"Through Alipay+, banks are able to quickly build new revenue streams, increase digital engagement and introduce new value-added services for users through cross-border payments," the company stated.
Ant International linked the partnership to rising demand for outbound cross-border payments from Asia Pacific, which it said is expected to grow faster than the global average. The company cited projections that consumer-to-consumer (C2C) and consumer-to-business (C2B) outbound cross-border payment volume from the region could reach $3.7 trillion by 2032, almost doubling from 2024.
According to Ant International, Alipay+ is accepted in more than 220 markets and connects with more than ten national QR systems, including:
- Malaysia's DuitNow
- Thailand's PromptPay
- Uzbekistan's HUMO
Banks in several markets have already linked their mobile app users to Alipay+ for cross-border payments. These include:
- Public Bank Berhad (Malaysia)
- Bank of the Philippine Islands and Asia United Bank (Philippines)
- OCBC (Singapore)
- Kasikorn Bank and Siam Commercial Bank (Thailand)
- Vietcombank (Vietnam)
Ant International provides digital payments, digitisation, and financial technology services. The company recently closed a Series A equity financing round of approximately $1.2 billion. It plans to use the funding to accelerate global expansion and support product development across merchant payment, account management, and other financial services.
This article was originally created and published by Electronic Payments International, a GlobalData owned brand.
Source
Yahoo FinanceNeutral / independent
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Ant International expands Alipay+ bank network with Hang Seng Bank