Standard Chartered launches one-stop online collection solution with WeChat Pay

Standard Chartered Bank (China) has teamed with Tencent Financial Technology Group (Tencent FiT) to roll-out a new e-commerce solution for corporates. The QR-based solution combines Standard Chartered’s cash management offering with WeChat’s online payment gateway, a first for a global bank, it claims. Following a launch in China, the plan is to expand this offering to other markets in 2017.

Sam Xu, Head, 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. Leveraging the bank’s rich expertise in data protection, corporate clients can also strengthen their risk management of collections from different online channels.”

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