Tencent
Source - Wall Street Journal

Hong Kong-based financial services and banking service provider Hang Seng Bank has partnered with the e-commerce giant Tencent to form a fintech alliance that will see the two working together on a host of initiatives including a remote account opening system and payment services.

Gilbert Lee, head, strategy and planning, Hang Seng, says: “This collaboration will help both firms provide Hong Kong and mainland China customers with a growing range of efficient and convenient services that meet their evolving needs.”

The agreement will merge the benefits of Hang Seng’s huge network in Hong Kong and Tencent’s expertise in areas in such as artificial intelligence, machine learning and blockchain technology. Both of the firms will co-develop an instant remote account opening system which will act as sub-apps within the WeChat ecosystem.

The bank will also provide Tencent with a merchant acquiring service to be used in the Wexin Pay and WeChat Pay HK to enable customers to make mobile payments at various merchant outlets throughout Hong Kong.

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