![]() ![]() JD.com, on the other hand, said it wants to enter the Southeast Asian market through e-commerce, and then make further arrangements in the payment area. In July, Baidu reiterated that it has a strategic agreement with PayPal and will jointly explore overseas users. Baidu wallet had a pilot test in several stores and restaurants after its launch in Thailand in early April 2016. In October, it launched its scanning code payment function in Manila.īaidu and JD.com are also interested in the market. Mynt is a Philippine digital finance company that owns GCash, the largest electronic wallet in the Philippines. In February, Ant Financial announced that it invested in Mynt. Ant Financial works with local businesses to export payment technology for local businesses, create local wallets and serve local users in Southeast Asia. The next step after entering the market is to leverage local users. If all goes well, Malaysian users can bind their bank accounts directly to WeChat and pay in ringgits when buying goods and services. In July, Tencent told the media that it was applying for a payment license in Malaysia, hoping to offer WeChat payment there. Since then, Tencent has been gradually infiltrating other parts of Thailand. In order to expand its presence in Southeast Asia, Tencent purchased Thailand’s late last year and rebranded it as Tencent Thailand. In 2016, Ant Financial made a strategic investment in Ascend Money, created the Thai version of “Alipay” Truemoney by exporting technology and experience and introduced Truemoney into Alipay’s global payment system. In 2015, Ant Financial launched two rounds of investment in Paytm, India, and provided technical expertise to help Paytm improve its platform’s capabilities. Alipay HK is an example of the world’s local wallet,” said Douglas Fagan, president of the international division of Ant Financial. This is the future we see in Thailand, the Philippines, India and other regions. “People in the Guangdong-Hong Kong-Macao Greater Bay Area enjoy more advanced mobile life than those in other bays. According to Ant Financial, they company has entered 10 Southeast Asia and South Asia countries, including India, the Philippines, and Thailand, since 2015 by means of strategic cooperation. It launched mobile payment systems in Thailand and the Philippines. Giants are Fighting in Southeast AsiaĪnt Financial has accelerated its deployment of local wallets since earlier this year. Alipay HK also announced that users could buy subway tickets by scanning the code with Alipay HK in mid-December. Through Alipay HK, users could pay electric charges for Hong Kong Electric Company get access to Guantang Baoda Market and access taxi hailing services. Alipay HK quickly launched other services. The number of users exceeded 100,000 within two weeks. SEE ALSO: Chinese Tourists Purchase a Lot with Alipay and 70 Japanese Banks have Decided to Fight BackĪnt Financial launched Alipay HK, which supports Hong Kong dollars, in Hong Kong in May. Ant Financial announced in Hong Kong that four local wallets in Hong Kong, Thailand, India and the Philippines – Alipay HK, Paytm, GCash, and Truemoney – participated in the Double 12 Shopping Festival for the first time. ![]()
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