Maybank and CIMB to enable Alipay mobile wallet in Malaysia

FILE PHOTO - A man walks out of a CIMB Bank in Kuala Lumpur July 10, 2014. REUTERS/Samsul Said/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH BUSINESS WEEK AHEAD 27 FEB FOR ALL IMAGES

KUALA LUMPUR: Malayan Banking Bhd (Maybank) and CIMB Bank Bhd - the country’s largest financial services providers - are partnering with Ant Financial Services Group, which operates the world’s largest online and mobile payment platform Alipay, to enable the Alipay mobile wallet in Malaysia.

CIMB Group said in a statement that it would act as the settlement and merchant acquirer bank, allowing Chinese visitors to pay for their transactions in yuan without concern about exchange rates. This is done through a simple barcode-scanning method that they are used to in their country.

Launched in 2004, Alipay currently has over 450 million active users.

Both Maybank and CIMB said the service would go live in Malaysia in May.

CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz said the entry of Alipay marked a notable milestone in the growth of mobile wallet payment services in Malaysia. 

“We are excited to work with Alipay to provide Chinese tourists a convenient and secure payment experience while in Malaysia and we target to go live with our merchants by May 2017, having received Bank Negara approval just recently,” he said.

Meanwhile, Maybank group strategy officer Michael Foong said: “As a leader in card payments, Maybank will now offer Alipay customers the added convenience and security of our comprehensive cashless payment channels, thereby expanding the geographical reach of their digital wallets and enhancing their travel experience in this country.”

Earlier on Wednesday, Maybank and CIMB Bank exchanged memoranda of unfderstanding with Ant Financial with Ant Financial represented by Douglas Feagin, Maybank by Foong and CIMB Group by Tengku Zafrul.

Witnessing the MOU exchange were Prime Minister Datuk Seri Najib Razak, Alibaba Group executive chairman Jack Ma, CIMB Group chairman Datuk Seri Nazir Razak, Maybank group technology officer Mohd Suhail Amar Suresh and Ant Financial chairman Lucy Peng.