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Liquid Group partners JETCO to enable cross-border QR payments between Singapore and Hong Kong

2019-05-23 09:00 1745
  • Liquid Group expands its cross-border QR payment partnerships to Hong Kong through a strategic collaboration with Joint Electronic Teller Services Limited (JETCO), which operates one of the largest bank consortiums in Asia
  • The partnership will accelerate the adoption of cross-border QR payments by enabling the QR payment apps of the partner banks of both Liquid Group and JETCO to be seamlessly used in both markets
  • The initiative will also greatly enhance the payment journey for travellers across Hong Kong and Singapore, providing a more convenient and efficient payment option without them having to hold physical foreign currencies

SINGAPORE, May 23, 2019 /PRNewswire/ -- Liquid Group and Joint Electronic Teller Services Limited ("JETCO") today announced a strategic partnership to enable cross-border QR payment acceptance in Singapore and Hong Kong.

With the opening of the Singapore -- Hong Kong corridor for QR payments, customers of Liquid Group's partner banks will be able to pay for their purchases using their respective QR payment apps with participating merchants in Hong Kong, and likewise, customers of participating member banks under JETCO will be able to make payment using their QR bank apps at participating merchants in Singapore.

Further to Liquid Group's launch of the world's first integrated payments and marketing infrastructure at Singapore's Changi Airport, this strategic partnership will further accelerate the adoption of overseas QR bank payment apps in Singapore.

Liquid Group will also work with JETCO to provide additional value-added services to help member banks deliver innovative services to their customers. The platform will also enable merchants in both Hong Kong and Singapore to launch multiple marketing campaigns with participating payment apps without the need for additional cashier training or verification during checkout. The customers of JETCO and Liquid Group partner banks will then be able to enjoy promotions and deals offered by participating merchants.

Jeremy Tan, Founder and CEO of Liquid Group, said: "We are privileged to partner with JETCO, one of the largest bank consortiums in Asia, to accelerate the adoption of QR payments using mobile banking apps across Hong Kong and Singapore. We are excited to be moving at pace to advance cross-border QR payments, for which the traveller segment is a key driver. We will continue to partner with various e-wallets and expand the network across the region to enable cross-border payment transactions and facilitate large-scale adoption of QR payment apps."

Angus Choi, CEO of JETCO, said: "This collaboration with Liquid Group will enable us to expand the use of QR payments in Hong Kong and Singapore, and offer consumers easy access to the service not only locally, but also when they travel overseas. Our common goal is to enlarge the mobile payments ecosystem as a whole, accelerating the 'cashless' transition of these two societies and yielding benefits to everyone."

About Liquid Group

Liquid Group is a regional mobile payment services group headquartered in Singapore, with a presence in Malaysia, Thailand, and Indonesia. 

About Joint Electronic Teller Services Limited

Joint Electronic Teller Services Limited ('JETCO') was established in 1982 by five banks: Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; Chekiang First Bank Limited (currently OCBC Wing Hang Bank Limited); Shanghai Commercial Bank Limited; and Wing Lung Bank Limited (currently CMB Wing Lung Bank Limited). In 2015, China UnionPay Co. Ltd. became a strategic investor of JETCO. Today, JETCO has more than 30 member banks in Hong Kong and Macau and supports a range of banking services for them across both regions.

JETCO currently operates more than 3,000 ATMs in Hong Kong, Macau and over 20 cities across mainland China, offering convenient, reliable local and cross-border ATM services.

JETCO also provides a range of value-added services to help member banks deliver innovative, secure online and mobile banking services to their customers. In February 2018, the company launched JETCO Pay Merchant Payment service offering in-store QR code payment as well as in-app and online payment solutions.

For more details, please visit www.jetco.com.hk.

Source: Liquid Group