Standard Chartered, Tencent FiT launch e-commerce solution for corporates
Initially launching in China, the bank plans to roll out the solution to other global markets during 2017.
Standard Chartered Bank (China) has teamed with China’s Tencent Financial Technology Group (Tencent FiT) to launch a new electronic commerce (e-commerce) solution for corporates. The bank said that the collaboration combines its cash management offering with WeChat Pay’s online payment gateway to reach over 800m consumers in China, making Standard Chartered the first global bank to offer a one-stop online collection solution with WeChat.
“The quick response (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 US$2.4 trillion globally by 2019,” the bank added. “In addition to the greater simplification of receivables management, the 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.” First launched in China, Standard Chartered plans to expand the offering to other global markets during 2017.