Bank of China (Hong Kong) and Ant International are expanding their partnership across cross-border payments, digital wallets and corporate treasury as businesses look for more efficient ways to manage international transactions.
The agreement will cover three of Ant International’s platforms, Alipay+, WorldFirst and Bettr, with each bringing a different element of cross-border financial services to the partnership.
BOCHK will provide Alipay+ with account and settlement banking infrastructure to support payment processing across Southeast Asia. Alipay+ connects more than 50 mobile payment partners and more than 2bn user accounts globally.
The partnership also covers retail payments in Hong Kong. BOCHK customers can connect their bank accounts and cards to AlipayHK for transfers, payments and top-ups, with the two companies planning joint marketing campaigns and customer benefits.
For businesses, the partnership will focus on treasury management and cross-border financial services.
Bettr, Ant International’s embedded finance platform, will work with BOCHK to explore blockchain-based treasury solutions. The partners will examine the use of distributed ledger technology and tokenisation for real-time cash flow and investment products supporting Ant International’s global payments operations.
The companies will also look at combining BOCHK’s foreign exchange capabilities with Ant International’s AI technology to develop treasury solutions for businesses managing international transactions.
WorldFirst, Ant International’s global payments platform for businesses, will separately work with BOCHK on cross-border financial services for small and medium-sized enterprises.
WorldFirst supports businesses operating across more than 220 countries and regions. The collaboration will explore services covering multi-currency collections and payments, foreign exchange and compliance support, with a focus on Chinese businesses expanding into international markets.
The partnership reflects growing demand for financial infrastructure that can connect payments, foreign exchange and treasury management across markets.
For banks and FinTech companies, the ability to combine payment networks with digital financial tools is becoming increasingly important as businesses operate across more jurisdictions and manage increasingly complex international cash flows.
BOCHK vice chairman and chief executive Sun Yu said, “BOCHK is committed to promoting cross-border financial connectivity, with deep expertise in areas such as cross-border payments, treasury management, and fintech. We are pleased to join forces with Ant International, an industry-leading fintech company, not only to explore innovative cross-border financial service solutions, but also to advance fintech innovation and application in Hong Kong, fostering mutually beneficial cooperation in cross-border finance across Southeast Asia.
“Capitalising on our extensive experience in cross-border personal payment settlements and corporate global liquidity management, as well as our unique strength as Bank of China’s Southeast Asia regional headquarters, BOCHK is dedicated to providing Ant International and its clients with secure and efficient cross-border financial services,” Yu said.
Ant International chairman Eric Jing added, “We are proud to forge a strategic partnership with BOCHK, a trusted collaborator since 2013. By combining BOCHK’s strengths with Ant International’s, we are bringing our shared vision to life – ensuring seamless and accessible financial payments for every business and everyone.”
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