CK Hutchinson and Ant Financial sign jv to launch digital wallet service in Hong Kong

CK Hutchison Holdings (CK Hutchison), a multinational conglomerate spanning over 50 countries, and Ant Financial Services Group (Ant Financial), a leading global technology and financial services company and parent company of Alipay, today announced a strategic partnership.  The two companies will form a joint venture (JV) to offer a consumer-oriented digital wallet under the ‘AlipayHK’ brand, which will further integrate online and offline payments to bring a truly universal experience for consumers.

With a tech-savvy population and over 50 million visitors annually, Hong Kong is an ideal place to integrate digital innovation into the traditional retail experience.  The new partnership will promote a more efficient and productive cashless society in Hong Kong.

“The joint venture represents a remarkable step in the evolution of the consumer experience.  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 customers of the Group, but also to all businesses in Hong Kong. This will, in turn, create greater shareholder value,” said Canning Fok, Group Co-Managing Director of CK Hutchison.

“There are millions of people travelling across the Guangdong-Hong Kong-Macau Greater Bay Area every month. Ant Financial is dedicated to bringing digital financial inclusion to the citizens in the region and help them to create a more convenient and productive lifestyle,” said Eric Jing, CEO of Ant Financial. “We believe that our users will enjoy the tremendous benefits delivered through this strategic partnership in the near future.”

Still subject to regulatory approval, the joint venture is expected to be completed by the end of 2017.

Over 100,000 active users in one month

Dedicated to local-currency payments in Hong Kong, AlipayHK attracted over 100,000 active users in the first two weeks after its launch last May. The mobile app is now accepted in over 4,000 leading retail brand outlets in Hong Kong. On top of in-store payment services, AlipayHK also enables many in-app lifestyle features such as third-party insurance products, and the ability to receive offers such as F&B vouchers and sticker rewards from local partners, such as online dining guide OpenRice.

Ant Financial provides a wide range of digital services to over 520 million users in China and beyond. Through the Alipay app, Chinese Mainland users can hail taxis, book hotels, buy movie tickets, pay utility bills, make doctor appointments, purchase wealth management products and manage their finances. Ant Financial is also providing digital inclusive financial services to over 250 million overseas users through strategic partnerships in India, Korea and Southeast Asia.

Over 124 mill retail loyalty members, over 123 mill telecom and 35 mill utility customers

CK Hutchison’s core businesses range across ports, retail, infrastructure, energy and telecommunications.  With a strong global presence, CK Hutchison Group and its affiliated companies’ consumer networks have over 124 million retail loyalty members and over 123 million telecom and 35 million utility customers.  In Hong Kong, they have over 600 stores selling telecommunications, food, electronics, wine and health and beauty products serving over 6.6 million Hong Kong telecom and retail loyalty customers. Through the Group’s affiliated companies, the JV will have the opportunity to serve many property and utility households.

Imagen sobre el titular.- Vista de una calle comercial de Hong Kong.© 2004 Ángel Riesgo Martínez. Para ver el original en Wikimedia clic aquí

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