ShopBack, a Singapore-based shopping and rewards platform, is entering the Hong Kong market, capitalizing on its ecommerce initiatives.
Photo credit: ShopBack
Hong Kong’s 2022 Compensation Voucher Scheme aims to disperse HK$10,000 (US$1,274) to residents to boost the adoption of online shopping and digital payments. The vouchers can be redeemed via the Octopus smart payment card or through participating e-wallets. Phase two of this scheme is set to roll out on August 7.
“The market’s massive potential for ecommerce and the government’s focus on growing the sector illustrates a clear market demand for financial flexibility and convenience in shopping activities,” said Josephine Chow, co-founder and head of expansion at ShopBack.
ShopBack will soft launch its Hong Kong operations on August 8. The firm has onboarded over 250 merchants in the city, including Watsons, Disney+, Apple, KFC, Booking.com, and Taobao.
GlobalData forecasts Hong Kong’s ecommerce industry to grow at a compound annual growth rate of 8.3%, from US$22.7 billion in 2021 to US$28.8 billion in 2024.
The move comes in tandem with ShopBack’s global brand refresh across its 10 markets in Asia Pacific. As part of the rebrand, the company introduced buy now, pay later services to users in Singapore and Malaysia.
In June, ShopBack secured US$80 million in a series F round led by Asia Partners. It also recently acquired Hoolah to provide BNPL services.
See also: How Hoolah fits into Shopback 2.0
Currency converted from HK dollar to US dollar: US$1 = HK$7.85.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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