Tencent and Hang Seng Bank form fintech partnership

Hang Seng Bank has formed a fintech alliance with e-commerce giant Tencent that will see the pair work together on a host of initiatives, including a remote account opening system and payment services.

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Tencent and Hang Seng Bank form fintech partnership

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The agreement combines Hang Seng's network in Hong Kong with Tencent's technology expertise in areas such as AI, machine learning and blockchain.

The firms will co-develop a remote account opening system that will tap into Tencent's Weixin mini programmes, which act as sub-apps within the WeChat ecosystem.

Meanwhile, Hang Seng will provide a merchant-acquiring service for Weixin Pay and WeChat Pay HK that will enable customers to make mobile payments at designated merchants in Hong Kong.

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."

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Comments: (1)

A Finextra member 

To put things into perspective, Hang Seng is part of the HSBC Group. On the other hand, one would be expecting Tencent to become a bank in their own right. With 800m customers, it would be the largest bank in the world...

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