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Bloomberg
Billionaire Li Ka-shing’s CK Hutchison Holdings Ltd. and Jack Ma’s Ant Financial unit will form a joint venture to offer a digital wallet service in Hong Kong.
The wallet will come under the AlipayHK brand which was already launched in May, CK Hutchison said. The mobile app will allow users to make in-store payments in 4,000 retail outlets and will also offer insurance products and food and beverage vouchers.
The venture comes after the Hong Kong Monetary Authority started granting licenses to operators last year that allowed consumers to store money in local versions of online
wallets. The JV is expected to be completed by the end of this year, subject to regulatory approval, according to
the statement.