Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Feb 09, 2023

Ant CEO says AlipayHK now has almost half the city’s population signed up as users

Ant CEO says AlipayHK now has almost half the city’s population signed up as users

Ant CEO Eric Jing revealed the updated user numbers at Hong Kong’s FinTech Week but did not comment on the fintech group’s suspended IPO process.

Payment app AlipayHK, launched in 2017 by Ant Group, now has 3.3 million active users in Hong Kong, or nearly half the city’s population, as residents continue their journey towards a cashless society.

The Hong Kong payment service also has over 100,000 merchants, Ant Group chairman and CEO Eric Jing Xiandong said in a video speech at Hong Kong’s FinTech Week on Monday.

The number of users is up sharply from 2 million reported in 2019. Ant Group, whose mega IPO was suspended at the last minute in Hong Kong and Shanghai in 2020 due to a change in the regulatory environment, is an affiliate of Alibaba Group Holding, owner of the South China Morning Post.

Meanwhile, Ant Group has been trying to expand in overseas markets, recently partnering with Universal Studios Japan in Osaka on a scheme that allows tourists there to use the Alipay+ mobile-payment service for purchases. In September, Ant Group also announced that users of its e-wallet in South Korea could settle transactions at more than 120,000 merchants. Alipay+ is accepted by merchants in more than 55 countries through partner payment apps, according to the company.

Jing did not speak about the IPO process or the self-directed rectification steps the fintech giant has been engaged in on Monday.

Ant Group’s planned initial public offering (IPO) in Shanghai and Hong Kong was slated to raise almost US$40 billion in November 2020 before being blocked by China’s regulators.

In a top management change in August, Jing relinquished his role as legal representative and chairman of Alipay.com Co, a major corporate entity of Ant Group, which a company spokesperson said at the time was “a standard corporate governance practice” that “aligned” with Ant’s business operations.

That came two months after all top executives at Ant exited Alibaba’s partnership structure, which was seen as a sign of a further partitioning between the e-commerce giant and its fintech affiliate, as the latter awaits Beijing’s nod to transform into a financial holding group.

The update from Ant came as Hong Kong kicked off its FinTech Week event, which the government sees as an opportunity to revive the city’s fortunes as the region’s premier financial hub after months of Covid-19 related restrictions.

A major theme of the week-long event this year is cryptocurrencies and Web3, a loosely defined term that refers to a new generation of the internet based on decentralised technologies, including blockchain.

Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Hong Kong airlines taking bold action after the years of pandemic lockdown and travel restrictions, to make Hong Kong great again
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
×