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Standard Chartered and Allinpay enable Singaporeans to make real-time cross-border payments in Hong Kong

Felicia Tan
Felicia Tan2/9/2023 11:07 AM GMT+08  • 2 min read
Standard Chartered and Allinpay enable Singaporeans to make real-time cross-border payments in Hong Kong
Hong Kong just fully reopened its borders in January. Photo: Bloomberg
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Singaporeans travelling to Hong Kong can now pay Allinpay merchants in Hong Kong via their PayNow accounts thanks to a partnership made by Standard Chartered Bank and Allinpay Merchants Services (Singapore). Allinpay Merchants Services is part of the Allinpay International Group.

According to the release, the partnership marks the first such solution delivered by a bank and a payment fintech company to advance cross-border QR payments in Hong Kong.

The solution was made with Standard Chartered’s proprietary solutions including its omnichannel gateway “Straight2Bank Pay” and API-based FX pricing engine “SCALE”.

There are over 30,000 Allinpay acceptance points in Hong Kong where PayNow users can make their purchases in Hong Kong dollars (HKD) in the Singapore dollar (SGD) equivalent amount via the PayNow QR code. The SGD-HKD exchange rate is fetched in real-time and displayed at the point-of-sale device upon checkout. Once users scan the QR code and pay their payments, the funds will be deducted from their SGD bank account in Singapore to complete the transaction.

“It is timely to spearhead PayNow QR payments at Hong Kong merchants with the resumption of travel. We are confident that this partnership will offer a real-time and seamless digital payment experience through Allinpay's integrated platform to truly meet our customers’ needs for better cross-border payments, cost savings and mobile lifestyle,” says Tay Tiong Hean, general manager of Allinpay Merchants Services (Singapore).

“Standard Chartered is thrilled to partner Allinpay and bring this collaboration to life. By achieving this crucial milestone to accelerate the greater use of contactless cross-border payments, we’re laying the tracks for a whole new digital world of transactions,” says Ankur Kanwar, head of cash products in Singapore and Asean at Standard Chartered Bank.

See also: Singapore’s fintech funding hits three-year high of US$4.1 bil in 2022: KPMG

“With capabilities to access over 20 instant payments infrastructures globally, we look forward to extending this solution to more markets in the future, enabling our fintech partners to deliver a fast and frictionless experience to their merchants and boost the tourism economy,” he adds.

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