Banking
China’s Alipay mobile payment platform and TAT sign letter of intent
Alipay is the world’s largest mobile and online payment platform operated by Ant Financial Services Group, with over 900 million members.
Bangkok, 27 May 2019 – The Tourism Authority of Thailand (TAT) and Alipay (Hangzhou) Information Technology Co., Ltd. today signed a Letter of Intent (LoI) to form a long-term strategic partnership that offers Chinese tourists more product and service options while visiting the Kingdom.
TAT Governor Mr. Yuthasak Supasorn said “Thailand is the most popular destination for Chinese traveller in 2018 according to the report by the China Tourism Academy and Ctrip.
Last year, Thailand welcomed over 10.5 million visitors from China (out of 38 million total arrivals), making it the number one source market for the country. Hence, the TAT is constantly looking for ways to strengthen tourism products and services that cater to Chinese visitors.”
“The LoI signifies the commitment between both parties to forge a long-lasting strategic partnership. This cooperation in the field of tourism will facilitate Chinese tourists to access more options and enjoy better services while raising awareness among the Chinese about the ease of travelling to and around Thailand,”
TAT Governor Mr. Yuthasak Supasorn
Alipay is the world’s largest mobile and online payment platform operated by Ant Financial Services Group, with over 900 million members.
It is currently in talks with relevant Thai government agencies, including the TAT, to enhance Chinese tourists’ overall experience in Thailand. Alipay will provide more efficient and convenient payment method via its platform and help Thai local merchants improve their services and better supporting the needs of the Chinese travellers.
Chinese tourists spent on average 55,579 Baht per person per trip in 2018, up 5.1% year-on-year, generating 586,471 million Baht revenue (up 12.6%).
Banking
HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters
HSBC is withdrawing from its China credit card business due to difficulties in expanding, marking a strategic retreat in a challenging market environment.
HSBC’s Strategy Shift in China
HSBC is scaling back its credit card operations in China, highlighting challenges the bank has faced in expanding its customer base. The competitive landscape, combined with changing consumer preferences, has made it increasingly difficult for the bank to maintain its position in this lucrative market.
Market Challenges Ahead
Recent reports indicate that HSBC is reassessing its strategy, focusing resources on other areas where it sees stronger growth potential. The decision to pull back reflects the broader difficulties foreign banks encounter when trying to penetrate China’s financial services sector.
Future Focus
As HSBC pivots away from its credit card business in China, it aims to concentrate on digital banking and wealth management services. This strategic shift underscores the bank’s commitment to adapting to the evolving landscape of financial services while ensuring long-term sustainability in the region.
Source : Exclusive: HSBC pulling back from China credit card business after struggling to expand – Reuters
Banking
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