Alipay, WeChat begin overseas expansion

Two Chinese financial institutions have started their plans to expand overseas as the companies have won approval to operate digital wallets for customers in Hong Kong, according to a report from Bloomberg.

Ant Financial and Tencent Holdings received the approval in Hong Kong after a setback earlier this year. China's central bank last month had banned consumers who didn't own a mainland bank card from storing funds in Ant Financial's Alipay or Tencent's WeChat accounts, according to the report.

The new approval from the Hong Kong Monetary Authority will enable consumers in the city to store funds in the local version of their digital wallets, according to Bloomberg.

Topics: Mobile/Digital Wallet, Regulatory Issues

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