,China

Bricks and clicks: Citi plugs into WeChat and Alipay in China

Clients can soon repaying their Citi credit cards using their Alipay account.

Citi is ramping up its growth in the digital space in China by connecting with the two largest digital eco-systems in the country. 

James Griffiths, a Citigroup spokesman for the bank in Asia, notes that despite having 46 branches in 13 cities in China, 95% of the bank's transactions in the country happen outside the branch. 

"While the branch network remains important in China, the growth in digital means we are adapting fast: it's a bricks and clicks strategy designed to ensure we remain relevant to our clients," he adds.

In 2014, Citi passed US$1bn in revenues in China. The digital growth partly contributed to the bank's double digit growth in its consumer segment.

With this new connection, Citi's card and bank clients can choose their preferred mode of interaction. They can now:
1) See Citi's marketing information
2) Receive alerts – the same alerts sent through SMS and email
3) Make inquiries on balances, payment due, reward points (same as in two-way SMS) .

Within the next 3 weeks, Griffiths says that clients will also be able to repay their Citi credit cards using their Alipay accounts.

"Wechat (with over 600 million clients) and Alipay (with close to 500 million clients) are distinct services. We are now covered on the information, alerts, inquiry with both Wechat and Alipay. The repayment of our credit card from the Alipay account of the client (which is funded by a debit card account of theirs from their deposit bank) is tech live and will go client live shortly," says Griffiths.


 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.