Supplier News: Week of Dec. 24

Chow Tai Fook Will Use WeChatPay Hong Kong

Chow Tai Fook Jewellery Group Ltd. has signed a memorandum of understanding (MOU) with of Tencent Financial Technology.

The new MOU says, that starting next year, WeChat Pay Hong Kong can be used for all purchases at select stores in mainland China.

Chow Tai Fook said that the use of WeChatPay Hong Kong will provide the utmost convenience to Hong Kong consumers. The two companies will also collaborate in “intelligent consumption” with an ID verification program for Chow Tai Fook members that will work through mobile scanning.

“Striving for innovations and breakthroughs, we are committed to providing seamless and exceptional consumer experience through a wide range of innovations,” said Bobby Liu, executive director of Chow Tai Fook, in a statement. “The introduction of advanced technology has made the convenience in offering cross-border consumption, online payments and an integrated online-to-offline shopping experience available to customers from Hong Kong.”

 

Dubai Diamond Exchange Joins MyKYC Bank Platform

The Dubai Diamond Exchange (DDE) has signed an agreement to join the MyKYCBank platform of the Gem and Jewellery Export Promotion Council (GJEPC).

The agreement enables members of the Dubai Multi Commodities Center (DMCC), the exchange’s parent, to trade in diamonds, gold, and precious stones on the MyKYCBank platform. DMCC will be the fourth trade body to join MyKYCBank, following GJEPC, Bharat Diamond Bourse, and the Antwerp World Diamond Council.

The MyKYCBank platform provides a centralized platform for companies in the gem and jewelry industry to complete and share know-your-customer (KYC) information so they can meet the obligations of anti–money laundering laws of their respective countries.

“The UAE is an important trading partner in the industry for India, across gold, diamonds, jewelry and precious stones,” said Pramod Kumar Agrawal, chairman of the GJEPC. “The inclusion of DDE-registered companies on the platform will go a long way in addressing the concerns of our industry bankers, and support the trade between the countries. MyKYCBank platform has become recognized across the world for KYC.”

Top, from left: Howe Zheng, vice president of Tencent Financial Technology; Bobby Liu, executive director of Chow Tai Fook Jewellery Group; and Royal Chen, vice president of Tencent Financial Technology (image courtesy of Chow Tai Fook)