Standard Chartered, Tencent collaborate for WeChat Pay solution

Standard Chartered Bank (China) has announced a collaboration with Tencent Financial Group (Tencent FiT) to launch a new e-commerce solution for corporates, making Standard Chartered the first global bank to offer a one-stop online collection solution with WeChat Pay.

The collaboration combines Standard Chartered’s cash management offering with WeChat’s online payment gateway. The QR based solution will help clients harness growth in e-commerce and alternative payment methods, a market which is expected to reach US$2.4 trillion globally by 2019.

Sam Xu, head of transaction banking, Standard Chartered China says “The newly launched service offers a single WeChat gateway connected to multiple online payment channels, providing a one-stop shop for corporate clients’ online portals. It simplifies the work of corporate treasurers with fewer accounts to manage, while effectively improving cash flow and working capital”.  

Photo courtesy of Tencent.