Samsung’s partnership with CITIC could pave the way for Samsung Pay in China and Hong Kong
Samsung Electronics VP Lee Jae-yong has met with CITIC Group Chairman Chang Zhenming in Beijing to discuss bilateral partnerships between the two companies. Lee Jae-yong was previously tasked with managing Samsung Electronics and now that the company has made a move in the financial industry with Samsung Pay he is involved in that part of the business as well. President of Samsung China Chang Won-ki, CEO of Samsung Securities Yoon Yong-am, Vice President of CITIC Bank of CHina Su Guoxin and General Manager of CITIC Securities Cheng Boming were also present at the meeting.
Both companies have agreed to explore opportunities to enhance their partnership. This will be Samsung’s first concrete cooperation with a global financial company as it seeks to make its mark with Samsung Pay. Recent reports have suggested that Lee Jay-yong has been meeting with executives from major players in the global financial sector to secure backing for the company’s new payments service. Given that the CITIC Group is China’s largest financial institution which happens to be state-owned, it could very well pave the way for Samsung Pay in China and Hong Kong.