Malaysia’s two largest banks by market share, Maybank and CIMB, have announced they will both be partnering with China’s Ant Financial Services Group to facilitate the use of the Alipay mobile wallet in the country. Alipay, China’s leading third-party online payment service has a deep reach, with over 400 million registered users.
The partnership will bring greater convenience to Chinese tourists who wish to pay in Chinese yuan in Malaysia and remove the need to worry about exchange rates while abroad.
The partnership will bring greater convenience to Chinese tourists who wish to pay in Chinese yuan in Malaysia and remove the need to worry about exchange rates while abroad. The mobile payment is done by simply scanning a barcode. Maybank Group Strategy Officer, Michael Foong, noted that Alipay’s entrance into Malaysia, “expands the geographical reach of digital wallets and enhances their travel experiences in this country.” The partnership will allow Maybank’s card merchants, including Parkson, Royal Selangor, Duty Free Zone, Eraman and Genting to accept Alipay.
On the other hand, CIMB has partnered with Genting Malaysia, DiGi Telecommunications, YTL Corp and Maxincome Resources, which operates the FamilyMart convenience store chain to accept Alipay. CIMB Group CEO Tengku Datuk Seri Zafrul Aziz stated, “The entry of Alipay marks a notable milestone in the growth of mobile wallet payment services in Malaysia.” Maybank and CIMB plan to launch the new service in May.v