Hang Seng and Tencent Announce Strategic Fintech Collaboration

Hang Seng Bank and Tencent have announced that they have established a strategic partnership. The parties will initially collaborate on various aspects of technology application, account-opening procedures and retail payment services with the aims of providing customers with innovative and convenient digital service solutions and driving the development of fintech initiatives.

Hang Seng and Tencent will combine their business strengths – including Hang Seng’s service network in Hong Kong and Tencent’s advanced technologies – to create good business synergy in their collaborative efforts in the following areas:

• Technology application: Tencent will use its expertise and experience to help Hang Seng develop IT solutions that use technologies such as artificial intelligence, machine learning and blockchain to enhance the customer experience and operational efficiency.
• Account-opening procedures: Hang Seng and Tencent will co-develop a remote account-opening solution, which will enable Hang Seng personal accounts to be opened online via a Weixin Mini Programme that will be developed by Hang Seng.
• Retail payment services: Hang Seng will provide a merchant-acquiring service for Weixin Pay and WeChat Pay HK that will enable customers to use Weixin Pay or WeChat Pay HK to make mobile payments at designated merchants in Hong Kong.