Standard Chartered China teams with Tencent FiT for e-commerce solution
Standard Chartered China is partnering with Tencent Financial Technology Group (Tencent FiT) to launch a new e-commerce solution for corporates.
The deal makes Standard Chartered the “first global bank to offer a one-stop online collection solution with WeChat Pay” and combines its cash management offering with the online payment gateway. The bank says it can reach over 800 million consumers in China and expects the global market to reach $2.4 trillion by 2019.
Sam Xu, head, transaction banking, Standard Chartered China, says it “simplifies the work of corporate treasurers with fewer accounts to manage, while effectively improving cash flow and working capital”.
The solution also allows corporate merchants to customise their online checkout experience and secure transactional data. Merchants will be able to save on technical equipment as the payment QR code can be “easily generated” on a webpage, printed material or an email, according to Standard Chartered.
Standard Chartered says it is looking to expand its solution to other markets in 2017. It doesn’t offer any specifics or timeline about this plan.