(From left to right) Richard Wong, Co-founder & Head of Partnerships; Martin Xie, Co-founder, Chief Technology Officer & Chief Operation Officer; Desmond Leung, Vice President and General Manager, Global Merchant and Network Services, Greater China, American Express; Brad Jones, Chief Executive Officer, PayMe by HSBC; Jolynn Wong, Managing Director and Head of SME Banking, DBS Bank (Hong Kong) Limited; Davis Chan, Co-Founder and Chief Executive Officer; Daniel Cheung, Co-Founder and Chief Strategy Officer

The traditional pay-out methods used by many SMEs are highly fragmented, involving extensive manual work and high handling fees. This results in a significant loss of time that could be better utilised for business development and revenue generation. Additionally, the diverse payment landscape in Hong Kong complicates the tracking and consolidation of bills and funds received. This necessitates dedicated efforts to manage various payment platforms and maintain multiple business management systems, exacerbating operational inefficiency.

As a result, over half of the merchants surveyed expressed a need for more innovative pay-out methods. They seek alternatives to alleviate frustrations related to fulfilment issues caused by manual input errors (46%), time-consuming expense management processes (33%), and difficulties in managing and storing invoices (31%).

Hong Kong's First Unified Pay-in and Pay-out Platform for SMEs

Speaking at KPay's third anniversary, Davis Chan, Co-Founder and CEO of KPay said, "At KPay, we are a driving force behind business growth of our merchants. As we celebrate our third anniversary, we're setting our sights on transforming the payment sector and catalysing growth over the next three years. We take great pride in being the leading non-bank payment facilitator in Hong Kong with the largest market share of merchants as of this year, as well as now launching the market's first unified pay-in and pay-out platform."

KPay celebrated its anniversary milestone with merchant partners, ranging from food & beverage heroes Châteraisé and Yat Lok Restaurants, to retails brands such as Little Prince Art and Hotstone Yanpan Yoga among many well-known merchants. The celebration was also joined by KPay's key finance and banking partners including DBS, American Express and PayMe by HSBC.

Desmond Leung, Vice President and General Manager of Global Merchant and Network Services, Greater China, American Express said, "We are delighted to collaborate with a vibrant start-up company like KPay, and firmly believe that our partnership will yield unique synergies. By joining hands with KPay, we look forward to enabling both local and visiting American Express Cardmembers to spend at more merchants across Hong Kong, thereby bringing more new business opportunities to the local retail industry."

Further commenting on KPay's business growth, Davis noted, "This is just the beginning of our KPay journey. Our commitment is to revolutionise how businesses manage their operations and finances, and we're excited about the prospect of many more years of innovation and shared success ahead with our expanding merchant base across Asia. We strive to continue to be the business platform of choice for merchants to thrive effortlessly."

Hashtag: #KPay #SME #financialmanagement

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)