A more private comments system includes only those people you’re friends with — not random friends of friends who can clutter your feed.
He said that convenience would allow more Filipino domestic workers to enjoy their off day on Sundays, instead of queuing up for about four hours, filling up forms and paying between HK$150 and HK$200 in fees to remit money.
Should Tencent decide to implement remittance fees in future, Liu said these would still be far cheaper than what existing service providers charge.
Liu said EMQ works with a network of banks to ensure that application providers, such as Tencent, have a safe and less costly way to transfer money internationally.
The market shake-up initiated by Tencent could impact various established Philippine banks, international money transfer providers and other remittance channels directly catering to the city’s Filipino workers.
Mainland internet giant Tencent Holdings has partnered with Hong Kong financial technology start-up EMQ to provide We Chat as a trusted, new remittance channel for around 170,000 Filipino migrant workers in the city.
“We worked with Tencent to change the user behaviour and user experience of remitting money from Hong Kong to families in the Philippines,” said Max Liu, the co-founder and chief executive of EMQ, in a panel about digital banking and financial inclusion on the second day of Hong Kong Fin Tech Week.
(We Chat is hardly the only Asian mobile messaging service out there, with LINE, Kakao and Viber also gaining fans.) We Chat combines the best of Facebook and Whats App — and then adds a slew of monetizing innovations of its own.
(Some ideas have been borrowed from another Chinese Internet giant, Alibaba.) From playing mobile games and hailing taxis to posting video and making online payments, We Chat is an all-you-can-use mobile service.
I have no need for stickers and don’t need an alert every time an emoticon is added to my potential library of cuteness.
But a much larger concern is this: We Chat — like Weibo, the microblogging platform that proliferated in China in the absence of Twitter — is monitored by the Chinese government.
Westerners may not have heard of Tencent but its Hong Kong-listed arm boasts a market capitalization of 0 billion.