Hong Leong Bank (HLB) has received approval from Bank Negara Malaysia (BNM) to work with Tencent subsidiary Tenpay Payment Technology to provide WeChat Pay in Malaysia.
As a merchant acquirer for WeChat Pay in Malaysia, HLB can now enable Malaysian businesses to start accepting WeChat payments for both online and in-store payments.
This collaboration will allow Chinese tourists to continue using their WeChat accounts when visiting Malaysia.
The partnership between HLB and Tencent using WeChat Pay enables online and offline (O2O) digital payments from retail merchants in Malaysia with an easy-to-adopt, fully integrated cross-border payment solution.
Users are expected to benefit from the ability to use the mobile app based, QR code payment tool to make purchases in Malaysia in RMB and other currencies.
“This is an important development for our Merchant Services business and we are excited to expand the payment ecosystem for greater convenience to our Malaysian merchants,” HLB group MD and CEO Domenic Fuda said.
“This will be our first foray as an acquirer of the very popular Chinese wallet based payment methodology riding on WeChat Pay technology which has over 600 million monthly active users in China.”