The mobile payments have expanded rapidly in the SAR, led by Chinese tech firms. Payment providers expect more use cases to be explored, as well as integration with traditional payment methods such as credit cards.
B2B enterprises in Hong Kong are less satisfied with current digital payment capabilities than their B2C peers, while procurement continues to rely on traditional payment methods.
Hong Kong is well placed to capitalise on e-commerce trends given its status as a regional trade hub and gateway to global markets, according to the bank.
Platform, called Trusple, claims to build trust among multiple parties and reduce tracking and verification related costs for participating financial institutions.
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