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12 Dec

New World and Tencent signed a memorandum of agreement to use WeChat Pay HK to support New World-owned shopping malls in The Mainland

New World Group and Tencent signed a memorandum of agreement and announced that from next year WeChat Pay Hong Kong can be used for all purchases at designated retail outlets in New World-owned department stores, hotels and shopping malls within The Greater Bay Area and in the rest of Mainland China. Hong Kong people will in the future be able to use their mobile devices to pay digitally in Hong Kong dollars at any shopping mall, department store or hotel owned by New World on the Mainland, significantly enhancing their consumer lifestyles. New World Group is the first Hong Kong property developer to connect to WeChat Pay HK in this way and the very first to realize the concept of the ‘one-hour living zone’ for Hong Kong people in the Greater Bay Area.

K11 on the Mainland to launch WeChat Pay HK payments next year

From next year, New World-owned K11 art malls on the Mainland will allow Hong Kong consumers to pay for goods and services denominated in Renminbi at designated retailers in K11 art malls on the Mainland with WeChat Pay HK.

From now until 2023, WeChat Pay HK will be rolled out in stages at K11 art malls in Beijing, Shenzhen, Ningbo and Tianjin. Consumers from Hong Kong will be able to use WeChat Pay HK when travelling throughout the Mainland with the utmost convenience, thus considerably enhancing their shopping experience there. Moreover, the two parties will continue to explore further collaboration opportunities in ‘intelligent living’; so that members of K11 art malls may access all the associated promotional offers available across the K11 art malls through using WeChat Pay HK as the payment means.

Wong Yiu-ming, General Manager of New World Development Technology and Digital Services, said: ‘This partnership between New World and Tencent has enhanced the convenience of shopping for Hong Kong people in the Bay Area and other Mainland cities. At the same time, its introduction has made available the use and support of advanced technology in the consumer spending experience.’

Royal Chen, Vice President of Tencent Financial Technology, added 'Our collaboration with New World Development will fully make use of the available mobile payment technology. In the future, Tencent Technology will vigorously promote cross-border financial cooperation. Leveraging financial and technological advancements, we aim to build a truly integrated service platform for those living in both Hong Kong and the Mainland.’

Co-exploring cross-border financial partnerships for intelligent living

This partnership will also be extended to the other services in the New World portfolio including the hospitality investments held by the Group, such as New World hotels and Pentahotels situated in first- and second-tier cities. The partnership will ultimately embrace all 19 major locations on the Mainland, including retail shopping outlets and department store networks in Beijing, Tianjin, Shanghai and Nanjing. Hong Kong people will be able to purchase freely using WeChat Pay HK, making shopping easier than ever before.

Howe Zheng, Vice President of Tencent Financial Technology, stated: ‘Tencent Fin-Tech and New World Group will jointly explore and research the proposals for ID verification in order to catalyse the flow of capital and manpower resources across the border.’