HONG LEONG BANK ENABLES MERCHANTS TO ACCEPT WeChat Pay IN MALAYSIA
Hong Leong Bank Berhad (“HLB” or “the Bank”) announced today that it has received the approval from Bank Negara Malaysia (BNM) to enter into an agreement with Tenpay Payment Technology Co Limited, a subsidiary of Tencent (“Tencent”), to provide WeChat Pay payment solution.
This collaboration will allow Chinese tourists to continue using their WeChat accounts when visiting Malaysia. This offering marks the start of business collaborations with the Chinese technology giant and more digital payment solutions in the near future.
The partnership between HLB and Tencent using WeChat Pay enables online and offline (O2O) digital payments from retail merchants in Malaysia with an easy-to-adopt, fully integrated cross-border payment solution.
With a simple user interface, users benefit from this quick, mobile app based, QR code payment tool to make purchases in Malaysia in RMB and other currencies.
Launched in 2011, WeChat Pay provides fast and reliable payment services to its users and has rapidly become one of the most popular mobile payment services in China.
As a merchant acquirer for WeChat Pay in Malaysia, HLB can now enable Malaysian businesses to start accepting WeChat payments for both online and in-store payments.
“This is an important development for our Merchant Services business and we are excited to expand the payment ecosystem for greater convenience to our Malaysian merchants” said Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB.
“This will be our first foray as an acquirer of the very popular Chinese wallet based payment methodology riding on WeChat Pay technology which has over 600 million monthly active users in China”.
About Hong Leong Bank Berhad
Hong Leong Bank Berhad is one of the leading financial services organisations in Malaysia. With a heritage of more than 100 years, it provides comprehensive financial services covering consumer banking, business banking and trade finance, treasury, branch and transaction banking, wealth management, private banking and Islamic financial services. Hong Leong Bank, which has won awards for its innovations in the financial services space, also has one of the largest service and distribution network of branches and business centres in Malaysia.
With a proven track record in value creation and a highly recognised brand, Hong Leong Bank has also been extending its footprint in the region, with branches in Singapore and Hong Kong and wholly owned subsidiaries in Vietnam and Cambodia. In China, the Bank is a substantial shareholder in Bank of Chengdu Co., Ltd., Sichuan and in a consumer finance joint venture.
Hong Leong Bank is a subsidiary of Hong Leong Financial Group Berhad, the financial services arm of the Hong Leong Group. Apart from banking, Hong Leong Financial Group is involved in the provision of insurance and takaful, as well as investment banking, unit trust, fund management and stock broking services.