hkmb.hktdc.com Open in urlscan Pro
2600:9000:20e4:a200:0:dd22:38c0:93a1  Public Scan

Submitted URL: http://enewsletter.hktdc.com/activities_web/track/click?msgid=9d28a4ab-b264-430e-9c40-dc5db0a2dbbd&linkid=62e88c8fc16f4b7972b...
Effective URL: https://hkmb.hktdc.com/en/qwor7cst/first-person/the-art-of-finding-the-deal?utm_source=enews&utm_medium=email&utm_campa...
Submission: On August 03 via api from CH — Scanned from JP

Form analysis 1 forms found in the DOM

<form class="form-inline">
  <div class="form-group">
    <input type="email" class="form-control email-input" placeholder="Email Address">
  </div>
  <button type="button" class="btn btn-default go-btn">GO</button>
</form>

Text Content

Cookie Policy
We use cookies to find out more about your use of our Site and your preference
in order to improve our services to you. We may also use third-party cookies to
provide summarized traffic data for enhancing our Site. More details
No, ThanksAllow cookies


HKMB Hong Kong Means Business


 * 
 * Login / Register




LANGUAGES

 * EN
 * 繁
 * 简


 * Events
 * My Feed
 * Contact HKTDC
 * Subscribe
 * Subscribe
 * 


SECTION MENU

 * multimedia
 * market spotlight
 * first person
 * Venture Hong Kong
 * heads-up
 * inside china
 * life & style
 * hktdc research


LANGUAGES

 * EN
 * 繁
 * 简

   
   
 * HKTDC.com |
 * About HKTDC |
 * My HKTDC |
 * Login / Register |

HKTDC.com About HKTDC My HKTDC

Login Register




SECTION MENU

 * multimedia
 * market spotlight
 * first person
 * Venture Hong Kong
 * heads-up
 * inside china
 * life & style
 * hktdc research

https://hkmb.hktdc.com/en/QwOR7Cst

first person
SAVE FOR LATER
SHARE / SEND

×

"Scan QR Code" in WeChat and tap "..." to share.


THE ART OF FINDING THE DEAL


A START-UP PLATFORM IS TAKING THE HARD WORK OUT OF SEARCHING FOR CREDIT AND
DEBIT CARD OFFERS.

01 August 2022

From buy-one-get-one-free Michelin-starred meals to 30% discounts at top retail
outlets, credit cards offer plenty of attractive deals – yet many consumers
remain unaware of them. Realising that many deals go unnoticed by consumers,
former investment banker turned entrepreneur David Wang was inspired to set up
Krip, a personalised credit card deal platform, which launched this May.

The start-up, part of the Cyberport incubation programme, has established a
platform that hosts more than 6,000 offers, 3,000 merchants and 480 Hong Kong
credit and debit cards. Users can download an app free of charge and immediately
begin checking for deals.

Mr Wang said most retail banks offer customers more than 1,500 deals. “What
we’ve found from our research is that consumers only know of around 5% of the
deals being offered. If they can tap into more, it’s a win-win for all parties
involved – consumers can make great savings and explore new merchants, the
merchants get to tap into a network of cardholders, and banks can drive credit
card usage,” he explained. “Credit cards are a retail bank’s cheapest consumer
acquisition channel, so we’re giving banks a more effective gateway to onboard
new customers.”

As Hongkongers typically hold three cards from different banks, checking
multiple apps and bank portals for deals is time-consuming. “We provide a
one-stop shop for cardholders and maximise deal exposure for banks,” Mr Wang
said.

How do you reach out to Hong Kong credit card users?

We developed a website first, which has been live for about a year. We treated
it as a prototype but realised that there is a tremendous amount of organic
traffic from consumers looking for deals. But there’s so many different points
schemes that it’s impossible to keep track of them all. We spoke to the head of
credit cards at one of the biggest banks in Hong Kong and they shared that half
their cardholders’ points just end up expiring.

People in Hong Kong have a lot of payment options and now with the consumption
voucher roll-out, many have multiple e-wallet accounts. We’re here to help users
sort through all that information.

What led you to list dining, fashion and accessories, beauty and wellness,
entertainment and lifestyle, home living, travel and healthcare as key business
categories?

We’ve categorised them this way, as people usually look for deals by businesses
and merchants. In terms of what people are interested in, it’s very reflective
of Hong Kong’s COVID situation. There was a lot of interest in dining deals in
the lead-up to Christmas, for example. When the restrictions came back, it
turned into takeaway deals, and healthcare, like masks. For the first time since
we launched, we’ve seen people searching for travel deals recently.

Will the platform expand beyond credit card deals?

Yes, we’re already thinking of expansion beyond the credit card market. We
started with credit cards as it’s a treasure trove of deals and offers, and
credit cards are still a popular way to pay in Hong Kong, accounting for around
50% of all transactions in the city according to Worldpay. But Hong Kong
consumers are starting to use more payment options. There are many more debit
cards on the market from the virtual banks, and there are also more e-wallets
like Alipay and WeChat Pay all vying for usage, and they all have deals and
offers. So, we have plans to bring them onto our platform. Shopping malls have a
lot of deals, too, so we could potentially include them in our database.

What challenges did setting up Krip present?

The first hurdle was product development and unifying all the various data
formats. I’m not a product person myself but we were also trying to take on a
challenge in the market that hasn’t been tackled before, which was how do you
make all the deals data into a unified format that can be shared across
applications? Now, when you use our app, you can achieve full personalisation
and see the deals your cards have access to for a more streamlined user
experience. The second hurdle was the pandemic, as businesses weren’t that open
to trying new things as they negotiated the crisis. So, we had to be flexible,
adaptive and empathetic to the teams we were working with. I have to credit
Cyberport for helping us here.

How did they help?

It was tough to get in touch with investors, but Cyberport made a lot of effort
to get us into these digital events, like a venture capital forum where we met
with more than 20 investors. We finished as a runner-up in a retail banking
pitching competition, which opened a lot of doors and helped us meet people at
FinTech Week. We were also part of an accelerator backed by Hong Kong Science
Park, and that opened up conversations with financial institutions. We’ve given
back, too, by offering student internships so they can see what it’s like
working at a start-up.

Who uses Krip?

At the moment, it’s the early adopters, the digitally savvy. But we think our
potential reach for our consumer base is as large as the entire Hong Kong
cardholder population as there are deals for everybody. For the rich, deals
might not be the first thing that comes to mind, but if there’s a
buy-one-get-one-free or birthday offer to book a private room at a restaurant
like Amber at the Mandarin Oriental, it does catch the eye. But then we also
have deals for grocery stores and chain restaurants, the day-to-day eateries.

What’s it like being an entrepreneur in Hong Kong?

I think Hong Kong is a very vibrant place, and with a population of seven
million it’s the perfect place to test the market for your product. Post-COVID,
there is a wider embrace of technology and innovation – HKTV Mall’s success is
an example of that. I have a lot of optimism about Hong Kong’s future given its
involvement in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), especially
in the payments landscape.

What are your plans for Krip? Will you launch in other markets?

Our plan after Hong Kong is to take our platform into the GBA. We recognise that
GBA is a unified region but there are three separate individual markets –
different economies, currencies and so on. We see a huge opportunity to develop
a regionally integrated platform so we can facilitate cross-border payments to
drive card and e-wallet usage. I think the sky really is the limit for our
platform and we want to move into Mainland China, then other parts of Asia, and
build it out from there.

Related link
Krip




BACK TO TOP ^
CONTENT PROVIDED BY
   Topics:
 * Finance & Investment,
 * Hong Kong,
 * start-ups,
 * financial services,
 * e-business,
 * GBA,
 * GBAFeature

 * Finance & Investment

 * Hong Kong
 * Hong Kong


ARTICLE TOPICS


ARTICLE TOPICS

FINANCE & INVESTMENT24664
HONG KONG36026
START-UPS98715
FINANCIAL SERVICES72237
E-BUSINESS80889
MORE TOPICS

ARTICLE TOPICS

FINANCE & INVESTMENT24664
HONG KONG36026
START-UPS98715
FINANCIAL SERVICES72237
E-BUSINESS80889
GBA136851
GBAFEATURE150890


INNOVATION TERMS BANNER BLOCK


INTEREST_ARTICLE


YOU MAY BE INTERESTED IN

27 July 2022

Companies urged to take ESG on board in the GBA

29 June 2022

Eyeing GBA opportunities

28 June 2022

Robots tackle herculean task

27 June 2022

GBA boost for Kowloon office hubs


RELATED EVENTS


RELATED EVENTS

10 August 2022

ASEAN Navigator Webinar Series 2022 – Supply Chain Resilience Amid the Covid-19
Pandemic Recovery in Indonesia

14 September 2022

ASEAN Navigator Webinar Series 2022 – Exploring Manufacturing Partnerships and
Business Opportunities in Vietnam in the wake of Covid-19

27 September 2022

ASEAN Navigator Webinar Series 2022 – Business & Investment Opportunities in
Thailand

14 - 17 December 2022

Eco Expo Asia 2022
FIND AN EVENT


SOCIAL SHARE


FOLLOW US

 * 
 * 
 * 


GET WEEKLY UPDATES


GO
X

GET OUR WEEKLY EMAIL UPDATES

EMAIL
FIRST NAME
LAST NAME
COUNTRY / REGION Please specify Country / Region
AfghanistanAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntigua and
BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBoliviaBosnia
and HerzegovinaBotswanaBrazilBritish Indian Ocean TerritoryBritish Virgin
IslandsBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape
VerdeCayman IslandsCentral African RepublicChadChileMainland
ChinaColombiaComorosCongoCook IslandsCosta RicaCote
d'IvoireCroatiaCubaCyprusCzech RepublicDemocratic Republic of the
CongoDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial
GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe IslandsFijiFinlandFranceFrench
GuianaFrench
PolynesiaGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong
KongHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribatiKorea,
Democratic People's Republic ofKorea, Republic
OfKuwaitKyrgyzstanLaosLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacauNorth
MacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall
IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesia, Federated States
OfMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNetherlands
AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiue IslandNorfolk
IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPanamaPapua New
GuineaParaguayPeruPhilippinesPitcairn IslandPolandPortugalPuerto
RicoQatarRepublic of MoldovaReunionRomaniaRussiaRwandaSaint HelenaSaint Kitts
and NevisSaint LuciaSaint Pierre & MiquelonSaint Vincent and the
GrenadinSamoaSan MarinoSao Tome and PrincipeSaudi
ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon
IslandsSomaliaSouth AfricaSouth SudanSpainSri
LankaSudanSurinameSwazilandSwedenSwitzerlandSyriaTaiwanTajikistanTanzaniaThailandTimor-LesteTogoTongaTrinidad
And TobagoTunisiaTurkeyTurkmenistanTurks & Caicos
IslandTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States Virgin
IslandsUruguayUSAUzbekistanVanuatuVenezuelaVietnamWallis & Futuna IslandsWestern
SaharaYemenZambiaZimbabwe


I acknowledge that the above information may be used by the Hong Kong Trade
Development Council (HKTDC) for incorporation in all or any of its database for
direct marketing or business matching purpose (and may therefore become
available to the public within and/or outside of Hong Kong for use by them), and
for any other purposes as stated in the Privacy Policy Statement; I confirm that
I have the consent and the authority of each individual named in this form to
release their personal data for the purposes stated herein.


(If you are from a member state of the European Union (“EU”) / European Economic
Area (“EEA”)), PLEASE tick here if you accept our use of your provided data for
direct marketing purposes.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA
customers as required by the relevant data protection law in the EU.

SIGNUP
X


THANK YOU

Thank you for registering.
CONTINUE READING


DID YOU KNOW?

The Hong Kong Trade Development Council has 50 offices worldwide, and local
experts provide a range of services to help businesses succeed.

FIND A LOCAL EXPERT

Free Business Information
Subscribe to keep pace with global developments
Sign Up >
HKTDC.com
About HKTDC
Contact HKTDC
HKTDC Mobile Apps
Hong Kong Means Business eNewsletter
E-Subscription Preferences
Čeština
Deutsch
Español
Français
Italiano
Polski
Português
Pусский
عربى
한국어
日本語
Terms of Use
Privacy Statement
Hyperlink Policy
Site Map
京ICP备09059244号
京公网安备 11010102002019号
Follow HKTDC


Copyright © 2022Hong Kong Trade Development Council. All rights reserved.

"Scan QR Code" in WeChat and tap "..." to share.



SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP
Cancel
×

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.