Stripe Launches in HK and New Partnerships with Alipay and WeChat Pay
Stripe launches in Hong Kong, announces new global partnerships with Alipay and WeChat Pay.
Today Stripe, valued at US$ 9.2 billion and one of the world’s fastest growing financial technology companies, announced its official launch in Hong Kong. The internet platform also announced industry-leading partnerships with Alipay and WeChat Pay.
The launch in Hong Kong means that any online business can gain access to Stripe’s entire stack, including Stripe Connect for running a marketplace, Radar for blocking fraud, Sigma for analytics, and more. From today, Stripe is also rolling out USD settlement in Hong Kong, allowing businesses on Stripe to accept payments in USD, without currency conversion, into USD-denominated bank accounts.
Stripe-powered businesses around the world can also now accept Alipay and WeChat Pay on their websites. Both integrations are industry-firsts, allowing eligible businesses to activate Alipay and WeChat Pay right from their online dashboards, without the need for additional developer work or lengthy approval processes. The Alipay integration will also support recurring payments, allowing SaaS and subscription services to accept Alipay for the first time through a payments provider. Alipay one-time payments will be generally available to Stripe users globally, while recurring payments and WeChat Pay support will be in private beta.
Stripe has been testing its service in Hong Kong for the past year, and already two-thirds of venture-backed startups1 in Hong Kong are using Stripe, including: Grana, HBX, Tink Labs and Klook.
“Hong Kong has long been a launchpad for thousands of globally-minded Asian entrepreneurs and a gateway to Asia for businesses around the world,” said John Collison, president and co-founder at Stripe. “Whether in the Eastern or Western hemisphere, we’re focused on arming more businesses with the tools and infrastructure they need to thrive in the modern economy.”
Hong Kong is one of Asia’s most connected cities, with some of the most connected users in the world. Yet, only about 4% of consumer spending in Hong Kong happens online. A new wave of internet-first businesses are moving to change this, including bicycle-sharing service Gobee.bike, travel experience service Klook and logistics provider EasyShip.
What Stripe does:
- Allows businesses to sell to anyone, anywhere. Stripe enables businesses to receive payments in over 130 currencies. In addition to all major credit and debit cards, Stripe supports alternative payment methods such as Alipay, WeChat Pay, bitcoin, and mobile payment methods like Apple Pay and Android Pay. No matter which currency and payment method a customer uses, a business in Hong Kong will receive its money in Hong Kong dollars or choose to receive US dollar payments in a USD-denominated bank account.
- Delivers seamless security . Stripe is certified to PCI Service Provider Level 1, the most stringent level of certification. Stripe also creates one-time-use codes for businesses to charge their customers; these codes cannot be stolen and re-used.
- Fights fraud . Through advanced algorithms and machine learning, Stripe actively works to protect businesses from fraudulent charges and monitors suspicious transactions. This is especially useful for businesses operating internationally, since fraud patterns and threats can be very different from one country to the next.
Acts as a full stack for online businesses. Stripe also helps with things like accounting, billing, and optimizing checkout experiences for mobile devices. Plus, there are hundreds of third-party services that are integrated with Stripe ㄧ everything from invoicing and shipping services to email marketing and customer relationship management.
“Hong Kong is already home to many of Asia’s most exciting startups with companies like HBX, Grana and Tink Labs making their mark on the world stage,” said Piruze Sabuncu, Head of Southeast Asia and Hong Kong at Stripe. “We hope to play a role in accelerating online commerce in Hong Kong, and helping more local businesses start and scale globally.”
Hong Kong builds on Stripe’s official entry into Asia last year.
Stripe is infrastructure for the internet economy. It’s a set of software tools for the fastest-growing companies to simplify payments and accelerate their businesses globally. Today, Stripe processes billions of dollars a year for hundreds of thousands of businesses spanning 25 countries, from newly-launched startups to Fortune 500s. Stripe handles everything internet businesses need: from fighting fraud and dealing with regulatory complexity, to paying out to third parties and providing real-time analytics about their revenue. Stripe has received around $450 million in funding to date from investors including Sequoia Capital, capitalG, Kleiner Perkins Caufield & Byers, Visa, and American Express.