LINE

Text:AAAPrint
Economy

China's WeChat Pay to boost Malaysia's digitalization drive: Malaysian finance minister

1
2019-03-27 15:01:21Xinhua Editor : Jing Yuxin ECNS App Download

Malaysian Finance Minister Lim Guan Eng addresses the WeChat Pay technology exhibition in Kuala Lumpur, Malaysia, March 26, 2019. (Photo/Xinhua)

Digital payment platforms such as WeChat Pay of China's tech giant Tencent will help prepare Malaysia for the digitization and cashless payment society, Malaysian Finance Minister Lim Guan Eng said Tuesday.

In his keynote speech to officiate the WeChat Pay technology exhibition, Lim said despite most Malaysians currently using cash in transactions, this was expected to change rapidly.

"Malaysians are used to cash but it can be burdensome to carry around in large quantity. Consumers now are seeking quicker, safer and more convenient methods to pay for their purchases," he said, adding that a recent survey found 67 percent of Malaysians had used cashless payments.

"But in the longer term, Malaysia is preparing its economy for Industry 4.0. I believe tech companies like WeChat can help digitalize payments in Malaysia and create an environment conducive for big data analytics and other technologies relevant to Industry 4.0," he said.

"Enablers like WeChat foster fertile ground for further innovation to take place," he added.

According to Lim, local vendors in Malaysia are already at ease with e-wallets because the benefits are clear. E-wallets increase payment speed while reducing capital expenditure for payment infrastructure.

"I have been informed that this is one of the reasons why there are more than 3,500 merchants in Malaysia now accepting WeChat Pay for mobile top-ups, flight tickets, movies and many more," he said.

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2019 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.