Chow Tai Fook Jewellery Group said that it had signed a memorandum of agreement with fintech company Tencent under which the latter’s WeChat Pay Hong Kong can be used for all purchases at designated jewellery stores of the former in Mainland China. The option will be operational from 2019.

The jeweller said that this will not only encourage Hong Kong people to use digital payment in Hong Kong dollars, it will also significantly enhance their life experience.

The system will gradually be promoted at the stores in the Greater Bay Area and other cities across Mainland China and then be further extended to the points-of-sale of other brands under the Group. The system will be a step towards realising the concept of the "one-hour living zone" for Hong Kong people in the Greater Bay Area.

The two parties will also facilitate members of Chow Tai Fook Jewellery Group to settle payment with WeChat Pay HK upon purchase and enjoy relevant promotional offers.

Bobby Liu, Executive Director of Chow Tai Fook Jewellery Group, said, "Striving for innovations and breakthroughs, we are committed to providing seamless and exceptional consumer experience through a wide range of innovative projects. Chow Tai Fook Jewellery Group is honoured to partner with Tencent. The introduction of advanced technology has made the convenience in offering cross-border consumption, online payments and an integrated online-to-offline shopping experience available to customers from Hong Kong.

Royal Chen, Vice President of Tencent Financial Technology, added, "Our collaboration with Chow Tai Fook Jewellery Group will fully make use of the available mobile payment technology. Tencent Technology will vigorously promote cross-border financial cooperation. Leveraging financial and technological advancements, we aim to build a truly integrated service platform for those living in both Hong Kong and Mainland China."

Going forward, the two companies will also jointly open further collaboration opportunities in "intelligent consumption" with an ID verification for Chow Tai Fook membership programme via mobile scanning, providing members with more promotional offers and convenience.

Howe Zheng, Vice President of Tencent Financial Technology, stated, "Tencent Fin-Tech and Chow Tai Fook Jewellery Group will jointly explore and research the proposals for ID verification in order to catalyse the flow of capital and manpower resources across the border."

Pic caption: Senior officials of Chow Tai Fook and Tencent after signing the MoU