The first global bank to offer a one-stop online collection solution with WeChat Pay
Standard Chartered Bank (China) Limited (“Standard Chartered China”) announced a collaboration with Tencent Financial Technology Group (Tencent FiT) to launch a new E-commerce solution for corporates, making Standard Chartered the first global Bank to offer a one-stop online collection solution with WeChat Pay.
This collaboration combines Standard Chartered’s award winning cash management offering with WeChat’s online payment gateway to reach over 800 million consumers in China. The QR based solution with WeChat Pay will help clients harness the growth in e-commerce and alternative payment methods, a market which is expected to reach $2.4 trillion globally by 2019.
Sam Xu, Head, Transaction Banking, Standard Chartered China said, “The newly launched service offers a single WeChat gateway connected to multiple online payment channels, providing a one-stop shop for corporate clients’ online portals. It simplifies the work of corporate treasurers with fewer accounts to manage, while effectively improving cash flow and working capital. Leveraging the Bank’s rich expertise in data protection, corporate clients can also strengthen their risk management of collections from different online channels.”
In addition to the greater simplification of receivables management, the QR based solution allows for corporate merchants to customise their online checkout experience and secure transactional data. Merchants will also be able to save on technical equipment as the payment QR code can be easily generated on a webpage, printed material or an email, while reaching more consumers on the go.
Gautam Jain, Global Head, Digitisation and Client Access, Transaction Banking, Standard Chartered said, “We are very pleased to collaborate with Tencent FiT to launch this service using WeChat and offer seamless e-commerce solution to our clients. This demonstrates our commitment to work with leading industry players to offer innovative digital solutions in a continuously evolving landscape.”
First launched in China, Standard Chartered will be looking to expand this offering to other markets across its footprint in 2017.