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August 26, 2016

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HK gives green light for Alipay payment

HONG Kong has given the go-ahead for Alipay to operate a payment business in the city, allowing the financial services giant access to payment services in one of the world’s leading financial centers. The Hong Kong Monetary Authority said on its official website yesterday that Alipay Financial Services (HK) Limited is granted the “Stored Value Facilities” license along with four other payment firms such as Octopus Cards Limited and HKT Payment Ltd.

“Implementation of the SVF licensing regime will facilitate the introduction and adoption of new retail payment means and help foster innovation and development in the local retail payment industry,” said Norman Chan, chief executive of HKMA.

Nearly 6,000 merchants, including convenience stores, supermarkets and hotels, in Hong Kong already allow mainland users to pay through Alipay.

Alipay has been keen to expand beyond its more than 400 million users on China’s mainland to tap potential in overseas markets as more consumers are willing to pay from online channels and mobile devices.

Hong Kong users of Alipay services will be subject to China’s central bank regulations regarding cross-border transactions when they pay for products or services sold through domestic websites.

Globally, about 80,000 merchants in 70 countries and regions accept payment through Alipay.



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