Ant Financial partners with Hong Kong’s CK Hutchison
(3 October 2017 – Hong Kong) Ant Financial has partnered with CK Hutchison to operate its payment app. Alipay, in Hong Kong, ending the Alibaba subsidiary’s self-management of the service.
The joint venture will enable Alipay to offer services via companies under CK Hutchison, which operates ports, retail, infrastructure and telecommunications businesses across 50 countries.
Ant Financial currently operates its payment app in Hong Kong, which offers transaction services at around 4,000 outlets in the city. The new joint venture will take over operation of the app, though it will still be branded Alipay.
Ant Financial has increased its presence in overseas markets through investments and acquisitions across India, Korea, the US and several countries in Southeast Asia.
Ant Financial holds an electronic payments license in Hong Kong, which allowed it to launch its payment services without a local partner. The newly created joint venture effectively gives CK Hutchison a stake in Ant Financial’s Hong Kong business.
The new venture is expected to be in place by the end of 2017, subject to regulatory approvals.
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