Charlie Zhang and moderator José Alvares
The MPay mobile app has achieved exceptional penetration among Macau’s local population, with its registered user base representing over 90% of the city’s residents.
Based on information provided by AGTech, which is the Alipay+ network, MPay is accepted by “90% of local merchants” in Hong Kong and 88 million merchants across 57 countries and regions.
Speaking at a talk hosted by the France Macau Chamber of Commerce (FMCC), Charlie Zhang, a key figure in the Macau Pass ecosystem, said Macau Pass intends to enhance the overall financial offerings and services it provides to Macau citizens, not just focusing on outbound payments.
With over 15 years of experience in the games, lottery and sports industry, Zhang currently leads AGTech’s international expansion efforts, including the company’s entry into the Indian market.
By collaborating with Alibaba, financial institutions, and partners, the company aims to “create a more vibrant market and develop better products and services, strengthening Macau’s competitiveness in the GBA financial sector,” said the president of the firm’s international business development.
In March 2022, AGTech Holdings Limited (8279.HK), an Alibaba affiliate, acquired Macau Pass for HKD778 million, which has enabled Macau Pass to benefit from a wider range of services provided through the Alipay system.
This has led to several enhancements to the e-payment platform. Zhang believes there is a “huge synergy” that can justify the premium paid for Macau Pass, and AGTech is eager to inject its expertise to enhance the company’s offerings in the form of a more comprehensive suite of services for users.
In late 2022, MPay partnered with Alipay+ (a global cross-border digital wallet and merchant network operated by Ant Group) and Taobao (Macau) to expand its e-commerce and digital services capabilities.
This strategic partnership has opened up new opportunities for Macau Pass, allowing the company to leverage Alipay+’s extensive network and cutting-edge technologies, Zhang said.
Following the acquisition, there are intentions to enhance the global reach of the service and “include additional countries to enhance the convenience for tourists” in utilizing the platform, for both incoming and outgoing transactions.
At present, users of the associated MPay application can make payments to more than 40 countries worldwide through Alipay+.
Looking ahead, Zhang, said Macau Pass is poised to introduce exciting new developments in the realm of cashless payment options, exploring innovative solutions to further streamline the payment process and provide users with a more convenient and secure experience.
As Macau continues to position itself as an international business hub with the “4+1” strategy, the advancements made by Macau Pass and its partners are crucial in supporting the city’s growth, fostering collaboration and innovation within the financial technology sector and paving the way for a more connected and efficient future. Nadia Shaw
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