Hong Kong-based reserved equity and venture capital firm First Eastern Investment Circle is betting big on China’s burgeoning financial technology sector, its chairman and chief managerial told CNBC.
“I’m putting my money on Chinese fintech, particularly the payments sector present global,” Victor Chu said Friday on the sidelines of the Fortune Global Forum in Guangzhou, China.
Alibaba’s Alipay and Tencent’s WeChat Pay, which currently be in the payments landscape in China, have already had some expansion facing of their domestic market. And as Chinese tourists travel abroad in terrific numbers, the two payments companies are expected to “follow their customers” and subside their feet in more countries, Chu said.
First Eastern Investment Bundle is already helping both Alipay and WeChat to expand into Europe, Chu betrayed CNBC.
“If they (Chinese tourists) go to London and WeChat Pay is accepted similarly to Visa, it’s very easy, they don’t even need to exchange unfamiliar currency,” he said, noting that the number of Chinese outbound sightseers is projected to exceed 200 million in five years from the trend 110 million.
“So they have to go out because they have to chase their customers, but sooner or later, WeChat Pay and Alipay, with modernization, can be very competitive,” he added.