AlipayHK Smart Payment

Popularity Index

2018H1

Sponsored by

July 2018

SPPI

2018 H1

Content

1. Introduction ..................................................................................................................... 2

1.1 Background ........................................................................................................... 2

1.2 Definition of Smart Payment .................................................................................. 3

1.3 AlipayHK Smart Payment Popularity Index ............................................................ 3

1.4 Special Topic – Payment Ecosystem in Hong Kong .............................................. 4

1.5 Structure of Report ................................................................................................ 4

2. Methodology ................................................................................................................... 5

2.1 Framework of the AlipayHK Smart Payment Popularity Index ................................ 5

2.2 Study on Business Sector ...................................................................................... 6

2.3 Study on General Public ........................................................................................ 8

3. AlipayHK Smart Payment Popularity Index ..................................................................... 9

3.1 SPPI 2018 H1 Result ............................................................................................. 9

3.2 Retail Smart Payment Readiness Level ............................................................... 10

3.3 Consumer Smart Payment Acceptance Level ...................................................... 12

4. Other Findings .............................................................................................................. 14

4.1 Current Adoption Status on Smart Payment in Hong Kong .................................. 14

4.2 Reasons to Adopt Smart Payment ....................................................................... 16

4.3 Barriers to Adopt Smart Payment ........................................................................ 18

4.4 View on Boosting Smart Payment Development .................................................. 20

4.5 Special Topic – Payment Ecosystem ................................................................... 22

5. Key Findings & Conclusion ........................................................................................... 23

5.1 Key Findings ........................................................................................................ 23

5.2 Conclusion ........................................................................................................... 25

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1. Introduction

1.1 Background

Smartphone is already an essential and crucial element in our daily lives. In fact, Hong Kong is having

one of the highest mobile phone penetration rates in the world, at 228.3%1. Most of us now cannot

imagine living without mobile phone. Similar to communications, photo-taking and video-shooting

functions in mobile phone, the all-in-one device is having great potential to become an e-wallet to fit in

the payment function.

Although it looks really ideal in theoretical point of view to replace our cash by the e-wallet, just like we

seldom bring another camera for photo-taking. The smart payment market in Hong Kong, however, is

yet to develop in Hong Kong.

It is worthwhile to study the factors that affect the smart payment market in Hong Kong, especially that

payment is an essential economics activity in our daily lives, and hence digitalization of payment –

“Smart Payment” - is a foundation element for the development of smart city.

1 Latest data from Office of the Communications Authority (Mar 2016)

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1.2 Definition of Smart Payment

In this report, “Smart Payment” is defined as a payment for goods or services with a mobile phone or

smart devices and without cash. It can occur in the following situation:

Contactless Payment via mobiles

Contactless Payment via smart devices (e.g. watch)

Payment via scanning QR Code

P2P transfer via eWallets

Inbuilt App Payment systems

Payment via mobile website

*Contactless credit card is a new non-cash methods that are emerging to the market, however, it requires a specific physical card

for the payment, it is not treated as “Smart Payment” in this report.

1.3 AlipayHK Smart Payment Popularity Index

In view of this, the Hong Kong Productivity Council (HKPC) developed a comprehensive framework to

construct the Smart Payment Popularity Index (SPPI) to keep track of the popularity of smart payment

in Hong Kong from the perspective of both retailers and consumers.

In 2018 the first survey applying this framework was conducted by HKPC with the sponsorship of

AlipayHK Hong Kong. The index is named the AlipayHK Smart Payment Popularity Index (the

“Popularity Index”). The methodology of the AlipayHK Smart Payment Popularity Index Survey 2018

(the “Survey”), the design of questionnaire and the execution of the interview were decided and

conducted by HKPC independently.

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1.4 Special Topic – Payment Ecosystem in Hong Kong

Besides the Index, the Survey also picks one special topic each year for in-depth study. For 2018, the

chosen topic was “Payment Ecosystem”.

In Hong Kong, there are different payment channels widely adopted by Hong Kong citizens traditionally,

including cash, octopus card (stored-value card) and credit card. With the emerging smart payment

market, the payment habits of Hong Kong citizens may change and migrate to cashless world gradually.

It is essential to study the current payment ecosystem to facilitate upcoming strategy on smart payment.

1.5 Structure of Report

This report sets out the approach and methodology in conducting the study, presenting the survey

findings and then conclude the analysis.

Following this introductory chapter, the rest of this document is structured as follows:

Chapter 2 describes the methodology of the study in detail;

Chapter 3 presents the result of Popularity Index in first half of 2018;

Chapter 4 presents the other major findings and data analysis results;

Chapter 5 summarizes the key findings and conclusions.

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2. Methodology

2.1 Framework of the AlipayHK Smart Payment Popularity Index

The AlipayHK Smart Payment Popularity Index (SPPI) is conducted by evaluating the popularity of

smart payment in Hong Kong from the view of both retailers and consumers. The Popularity Index is

composed of “Retailer Smart Payment Readiness Level” and “Consumer Smart Payment Acceptance

Level”. The Popularity Index is in the range of 0 to 100. The higher the number, the higher popularity of

smart payment is expected.

“Retailer Smart Payment Readiness Level” includes four component sub-indices

Willingness to adopt smart payment

Technology readiness of the company

Knowledge and perceptions towards the smart payment market

Staff’s knowledge in operating smart payment tools

“Consumer Smart Payment Acceptance Level” includes four component sub-indices

Willingness to adopt smart payment

Habits in using smart payment and relevant device

Knowledge and perceptions towards the smart payment market

Confidence in secured payment

Retailers Consumers

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2.2 Study on Business Sector

2.2.1 Sampling and Data Collection

Data was collected by telephone interview with no less than 400 retailers in each year. The sample was

randomly selected from publicly available directories and the HKSAR Census database.

To guarantee that the view of every targeted industry was captured and represented in the study, while

considering the actual proportion in the population, quota sampling was adopted to cover 8 main

categories accordingly to the major retailers in Hong Kong, namely:

1. Supermarkets, Convenience store and Department stores,

2. Medicines and Cosmetics,

3. Clothing, Footwear and Allied products,

4. Jewellery, Watches and clocks, and Valuable Gifts,

5. Food, Alcoholic drinks and tobacco,

6. Consumer durable goods,

7. Other consumer goods,

8. Food and Beverage (with catering service)

2.2.2 Profile of Respondents

The survey successfully gauged the view of

management level from 428 companies in Hong

Kong.

As shown in the figure, at least 7% of responses are

collected for each business category, with 18% from

both “Other consumer goods” and “Food, alcoholic

and tobacco”.

7%7%

19%

7%

18%

10%

18%

14%

BUSINESS SECTOR

Supermarkets, Convenience store, Department storesMedicines and cosmeticsClothing, footwear and allied productsJewellery, watches and clocks, and valuable giftsFood, alcoholic drinks and tobaccoConsumer durable goodsOther consumer goodsFood & Beverage (with catering services)

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Among the 428 respondents, 75% of them were Small and Medium Enterprises (SMEs) and 25% of

them were Large Enterprises.

Size of Company (Number of Staff)

1-5 6-20 21-50 51-100 101-500 >500

Supermarkets, Convenience store and

Department stores 7% 23% 33% 10% 23% 3%

Medicines and cosmetics 29% 23% 23% 10% 13% 3%

Clothing, footwear and allied products 23% 27% 17% 12% 12% 7%

Jewellery, watches and clocks, and

valuable gifts

19% 31% 16% 3% 28% 3%

Food, alcoholic drinks and tobacco 35% 39% 8% 5% 6% 6%

Consumer durable goods 24% 44% 10% 10% 7% 5%

Other consumer goods 58% 21% 12% 5% 3% 1%

Food & Beverage

(with catering services)

10% 33% 21% 14% 21% 2%

All Business Categories 29% 30% 16% 9% 12% 4%

SMEs

75%

Large Enterprises

25%

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2.3 Study on General Public

2.2.1. Sampling and Data Collection

Data was collected by telephone interview with no less than Cantonese speaking Hong Kong citizens

of age 15 - 64 in each year.

A contact database was generated using known prefixes (including both landline and mobile numbers)

assigned to telecommunication services providers under the Numbering Plan provided by the Office of

the Communications Authority (OFCA).

To guarantee that the view of every age group was captured and represented in the study, while

considering the actual proportion in the population, quota sampling was adopted to cover 4 main age

groups, namely:

1. Aged “15-24”

2. Aged “25-34”

3. Aged “35-49”

4. Aged “50-64”

2.2.2. Profile of Respondents

The survey successfully gauged the view of 1,049 Hong Kong citizens.

As shown in below figure, most of the respondents were come from age groups of “50-64” (32%) and

“35-49” (32%), following by “25-34” (21%) and “”15-24” (15%). In term of gender, 55% of the

respondents were female and 45% of them were male.

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3. AlipayHK Smart Payment Popularity Index

3.1 SPPI 2018 H1 Result

The index is composed of "Retailer Smart Payment Readiness Level" and "Consumer Smart Payment

Acceptance Level", which evaluates the popularity of smart payment in Hong Kong from the perspective

of both retailers and consumers. The Popularity Index is in the range of 0 to 100. The higher the number,

the higher popularity of smart payment is expected.

The index in first half of 2018 was reported at 53.9, which is higher than the 50-mark boundary, reflecting

the concept of "smart payment" is being shaped in Hong Kong.

Component Weighting 2018 H1

Retailer Smart Payment Readiness Level 50% 62.2

Consumer Smart Payment Acceptance Level 50% 45.5

AlipayHK Smart Payment Popularity Index 53.9

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3.2 Retail Smart Payment Readiness Level

The Retail Smart Payment Readiness Level measures the readiness level of retailers towards smart

payment in the following four component sub-indices:

Component sub-indices Weighting 2018 H1

Willingness to adopt smart payment 25% 61.2

Technology readiness of the company 25% 58.4

Knowledge and perceptions towards the smart payment market 25% 73.3

Staff’s knowledge in operating smart payment tools 25% 56.0

Retail Smart Payment Readiness Level 62.2

Among them, the "Knowledge and perceptions towards the smart payment market" (73.3) sub-indices

was highest, "Willingness to adopt smart payment", "Technology readiness of the company" and

"Knowledge and perceptions towards the smart payment market" were recorded at 61.2, 58.4 and 56.0,

respectively.

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In terms of business nature, “Jewellery watches and clocks, and valuable gifts” (73.7) had the highest

level of readiness; followed by “Clothing, footwear, and allied products” (66.1); while “Food & Beverage

(with catering services)” (57.0) and “Other consumer goods” (56.5) were the lowest.

Component sub-indices SCD M&C CFA JWV FAT CDG OCG F&B ALL

Willingness to adopt smart payment 65.4 70.2 66.7 75.0 63.8 50.9 50.5 56.7 61.2

Technology readiness of the company 64.6 62.9 64.5 75.8 54.4 54.6 50.2 53.7 58.4

Knowledge and perceptions towards

the smart payment market 65.5 76.7 73.7 77.6 76.0 75.1 73.5 67.2 73.3

Staff’s knowledge in operating smart

payment tools 57.9 55.2 59.6 66.4 55.9 56.1 52.0 50.2 56.0

Retail Smart Payment

Readiness Level 63.4 66.3 66.1 73.7 62.5 59.2 56.5 57.0 62.2

SCD: Supermarket/ Convenient Store/

Department Store

JWV: Jewellery watches and clocks, and

valuable gifts

OCG: Other consumer goods

M&C: Medicines and cosmetic FAT: Food, alcoholic drinks and tobacco F&B: Food & Beverage (with catering services) CFA: Clothing, footwear, and allied products CDG: Consumer durable goods ALL: All business nature

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3.3 Consumer Smart Payment Acceptance Level

The Consumer Smart Payment Acceptance Level measures the acceptance level of consumers

towards smart payment in the following four component sub-indices:

Component sub-indices Weighting 2018 H1

Willingness to adopt smart payment 25% 56.0

Habits in using smart payment and relevant device 25% 32.5

Knowledge and perceptions towards the smart payment market 25% 55.6

Confidence in secured payment 25% 37.8

Consumer Smart Payment Acceptance Level 45.5

In the four major sub-readings, only “Willingness to adopt smart payment” (56.0) and “Knowledge and

perceptions towards the smart payment market” (55.6) were higher than the 50 marks level, while

“Confidence in secured payment” (37.8) and “Habits in using smart payment and relevant device” (32.5)

were on the low side.

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Divided by age group, citizens aged “25-34” reported the highest acceptance level towards smart

payment (57.1), while those aged “50-64” were at lowest acceptance level (32.2).

Component sub-indices 15-24 25-34 35-49 50-64 ALL

Willingness to adopt smart payment 68.3 70.6 58.9 38.0 56.0

Habits in using smart payment and relevant device 35.4 48.1 35.8 17.5 32.5

Knowledge and perceptions towards the smart

payment market

65.0 65.5 58.2 42.2 55.6

Confidence in secured payment 40.1 44.3 39.1 31.1 37.8

Consumer Smart Payment Acceptance Level 52.2 57.1 48.0 32.2 45.5

All: All age group

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4. Other Findings

This chapter presents the survey findings and data analysis for the study and is divided into five sub-

sections. The topics covered are as follows:

4.1. Current Adoption Status on Smart Payment in Hong Kong

4.2. Reasons to Adopt Smart Payment

4.3. Barriers to Adopt Smart Payment

4.4. Views on Boosting Smart Payment Development

4.5. Special Topic – Payment Ecosystem

4.1 Current Adoption Status on Smart Payment in Hong Kong

4.1.1. Business Sector

Around 93% of surveyed retailers were providing non-cash payment channels. The most

common channels were Credit Card (81%), Mobile Payment (43%) and Contactless

Credit Card (43%).

In terms of business nature, “Jewellery watches and clocks, and valuable gifts” (72%) and

“Supermarket/ Convenient Store/ Department Store” (61%) had the highest adoption rate

of mobile payment channel, while “Consumer durable goods” (18%) and “Food &

Beverage (with catering services)” (33%) were the lowest.

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4.1.2. General Public

About 29% of the consumer respondents had tried mobile payment, and 14% indicated

that they intended to adopt. In term of age group, highest adoption rate was found within

“24-34” age group at 51%, while “50-64” (7%) was the lowest one.

The consumer respondents were also asked to rate themselves in terms of attitude

towards new technology/product. It was found that most of them rated “Won’t attempt

unless necessary” (48%), following by “Will not try” (18%), “Consider when recommended

by friends” (18%), “Observe others’ experience before making decision” (13%), and “Try

at first glance” (2%).

The adoption rate of mobile payment was found to be varied with the attitude towards

new technology/product. For those rated themselves “Try at first glance”, 83% had tried

mobile payment, while for those “Observe others’ experience before making decision”

and “Consider when recommended by friends”, the adoption rate were 49% and 27%

respectively.

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4.2 Reasons to Adopt Smart Payment

4.2.1. Business Sector

For those retailers that are providing mobile payment channel, the major reasons were

found to be “Satisfy customers’ needs” (91%), following by “Speed up the cashier process ”

(58%) and “Facilitate financial management ” (47%); while the “Special Offer Provided by

Mobile Payment Service Provider” (6%) listed at last.

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4.2.2. General Public

For the general public, the reasons for paying by mobile include “Quick transaction” (55%),

following by “Convenient for peer-to-peer money transfer” (53%) and “Without the hassle

of carrying coins” (50%).

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4.3 Barriers to Adopt Smart Payment

4.3.1. Business Sector

For those retailers not yet providing mobile payment, the major reasons includes

“Estimated low demand from customers” (61%), following by “High transaction fee” (33%)

and “Concerns on cybersecurity” (33%)

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4.3.2. General Public

For the general public, the reasons of not yet adopting mobile payment include

“Unfamiliarity with the operation” (68%), “Worries of personal data leakage” (55%) and

“Satisfaction with current payment methods” (46%).

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4.4 View on Boosting Smart Payment Development

4.4.1. Business Sector

To boost the adoption rate of mobile payment in Hong Kong, the retailer respondents think

that it is necessary to “Strengthening cybersecurity and its regulation” (60%), following by

“Government to take the lead in providing relevant payment channels” (53%) and

“Continue to provide relevant discount and special offer” (51%).

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4.4.2. General Public

While in the consumer perspective, they believed that it is necessary to “Increasing the

number of locations/shops that accept mobile payment” (64%), followed by

“Strengthening cybersecurity and its regulation” (60%) and “Government to take the lead

in providing relevant payment channels” (53%).

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4.5 Special Topic – Payment Ecosystem

4.5.1. Current Payment Habit of Hong Kong Citizens

The survey also explored the Payment Ecosystem of Hong Kong in the Past Year. The

results show that among the payment channels that the citizens used regularly or

occasionally, cash still topped the list (99%), followed by Octopus Card (97%) and Credit

Card (53%); Contactless Credit Card and Mobile Payments accounted for 25% and 20%

respectively.

4.5.2. Brand Awareness of E-Wallet Service Provider

For the brand awareness of e-wallet service provider among surveyed citizen, Alipay and

Wechat Pay were leading the industry, where 82% of them heard of the brand of Alipay

and 22% are using the service; and 84% of them heard of the brand of Wechat Pay and

19% are using the service.

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5. Key Findings & Conclusion

5.1 Key Findings

SPPI 2018H1

Component Weighting 2018 H1

Retailer Smart Payment Readiness Level 50% 62.2

Consumer Smart Payment Acceptance Level 50% 45.5

AlipayHK Smart Payment Popularity Index 53.9

Other Findings

Retailer Consumer

Current

Adoption Status

on Smart

Payment

93% providing non-cash channel

Within those providing non-cash

channel, 43% are providing mobile

payment channel

Jewellery watches and clocks, and

valuable gifts: 72%

Supermarket/ Convenient Store/

Department Store: 61%

…….

Food & Beverage (with catering

services): 33%

Consumer durable goods 18%

29% tried mobile payment

15-24: 35%

25-34: 51%

35-49: 32%

50-64: 7%

14% plan to try mobile payment

Reasons to

Adopt Smart

Payment

Top 3:

Satisfy customers’ needs (91%)

Speed up the cashier process (58%)

Facilitate financial management (47%)

Top 3:

Quick transaction (55%)

Convenient for peer-to-peer money

transfer (53%)

Without the hassle of carrying coins (50%)

Barriers to Adopt

Smart Payment

Top 3:

Estimated low demand from customers

(61%)

High transaction fee (33%)

Concerns on cybersecurity (33%)

Top 3:

Unfamiliarity with the operation (68%)

Worries of personal data leakage (55%)

Satisfaction with current payment

methods (46%)

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Retailer Consumer

Views on

Boosting Smart

Payment

Development

Top 3:

Strengthening cybersecurity and its

regulation (60%)

Government to take the lead in

providing relevant payment channels

(53%)

Continue to provide relevant

discount and special offer (51%)

Top 3:

Increasing the number of

locations/shops that accept mobile

payment (64%)

Strengthening cybersecurity and its

regulation (60%)

Government to take the lead in

providing relevant payment channels

(53%)

Payment Ecosystem in Past Year

Payment Channel Used Regularly/ Occasionally

Cash 99%

Octopus Card 97%

Credit Card 53%

Contactless Credit Card 25%

EPS 28%

Mobile Payment 20%

Online Payment 13%

Retailers’ Pre-paid Card 8%

Brand Awareness of Mobile Payment Services Providers

Heard of the Brand Name Already Using the Service

Alipay 82% 22%

Wechatpay 84% 19%

Apple Pay 67% 13%

Payme 31% 8%

Samsung Pay 52% 5%

Tap & Go 23% 4%

TNG 13% 2%

O! ePay 14% 2%

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5.2 Conclusion

1. The concept of "smart payment" " is being shaped in Hong Kong

The index in first half of 2018 was reported at 53.9, which is higher than the 50-mark level, indicating

that the concept of "smart payment" is gradually taking root in Hong Kong.

2. Compared to “Consumer Smart Payment Acceptance Level, the “Retailer Smart Payment

Readiness Level” is much better

"Retailer Smart Payment Readiness Level" was reported at 62.2, with all four component sub-

indices above the 50 demarcation; while “Consumer Smart Payment Acceptance Level” reported a

slightly-lower-than-expected reading of 45.5.

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3. There is still a lot of room for improvement in consumer aspect, especially for

"Confidence in secured payment" and "Habits in using smart payment and relevant

device "

Most of the citizens own mobile devices,

however, the proportion that treat it as e-

wallet is not that high, and even lower for

those experienced paying through mobile.

Also, the potential risks in mobile payment

still being an obstacle for them to adopt

smart payment.

4. Age group of "50-64" requires special attention to improve the popularity of smart

payment

In term of age group, those in “25-34” got

highest acceptance level (57.1), while those

“50-64”only reported at 32.2, a significant

distance with other age groups.

It should be noted that people aged “50-64”

are accounting around 34% for the whole

Hong Kong population that aged between 15

and 64.

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5. Most retailers provide non-cash payment channels, and mobile payment channels are

also emerging

Over 90% of surveyed retailers are providing non-cash payment channels, with the most common

channels are Credit Card (81%), Mobile Payment (43%) and Contactless Credit Card (43%).

6. The remaining retailers believe that the demand of mobile payment among customer is

not justified to make huge investment on mobile payment

For those retailers not yet providing mobile payment, it is mainly due to “Estimated low demand

from customers” (61%). Reasons that related to financial issue - “High transaction fee” (33%), “High

capital investment” (28%) - also listed within top 4 position.

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7. Retailers estimating low demand from customers got their reasons

Currently only 29% of surveyed citizens tried mobile payment, and the adoption rate was even lower

to 7% for the age group “50-64”.

8. It is expected that alongside with the accumulating of mobile payment experience, the

adoption rate will be increased through peer recommendation

Citizens can be classified in five aspects by “attitude towards new technology/product”:

1. Try at first glance (Pioneers)

2. Observe others’ experience before making decision (Observer)

3. Consider when recommended by friends

4. Will not attempt unless necessary

5. Will not try

Most of the Pioneers already tried mobile payment (83%), and Observer are migrating to it as well

(49%). It is expected alongside with the mobile payment experience accumulated and become more

and more mature, the adoption rate will be increased through peer recommendation.

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9. Retailers shall take the first step to lead the smart payment development

To boost the adoption rate of mobile payment in Hong Kong, citizens named “Broaden the

Location/Store that Accept Mobile Payment” (64%) as the top issue. However, retailers stop

investing due to the perception of the low demand of new payment channel among their customers,

which hinder the Smart City development of Hong Kong.

In fact, the barriers to entry of some mobile payment models available in the market is not that high.

Retailers may wish to initiate the first step from these models, so as to provide one more payment

channel to their customer, together with building up digital foundation to get ready for e-commerce

and m-commerce.

10. Cybersecurity is a common concern of both retailers and general public, and the

government also got a huge role to play in the development of smart payment

“Supervising and Strengthening Cybersecurity” and “Government Shall Led the Provision of Mobile

Payment Channels” were the common top 3 suggestions named by retailer and general public.

Where “Supervising and Strengthening Cybersecurity” was top in retailers and second in general

public; while “Government Shall Led the Provision of Mobile Payment Channels” was second in

retailers and third in general public.

- End of Report -

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About HKPC

The Hong Kong Productivity Council (HKPC) is a multi-disciplinary organization established by statute in 1967.

HKPC’s mission is to promote productivity excellence through the provision of integrated support across the value

chain of Hong Kong firms, to achieve a more effective utilization of resources, to enhance the value-added content

of products and services, and to increase international competitiveness. HKPC conducts independent Study on

various topics related to both business and public sector to support the industry.

For more information, please visit HKPC website at http://www.hkpc.org.

About AlipayHK

The electronic wallet is operated by Alipay Financial Services (HK) Limited and supervised by the Hong Kong

Monetary Authority.

APSHK is a joint venture established and managed by the CK Hutchison Holdings Limited, a multinational

conglomerate spanning over 50 countries and Ant Financial Services Group, a leading global technology and

financial services company and parent company of “Alipay”. For more information, please visit www.alipay.hk

Currently, over 20,000 local retail outlets have supported electronic wallet for payment, covering large chain stores,

convenient stores, drugstores, supermarkets, wet markets, taxies, restaurants and others. Features of electronic

wallet include payment on Taobao and TMall, P2P transfer, remittance, electricity payment, telecom payment, entry

tickets and F&B vouchers for The Racecourse, purchase of insurance products offered by third party, e-coupons,

etc, making Hong Kong residents’ lives more convenient by integrating mobile payment into daily lives.

License

The content and data in this report is owned by Hong Kong Productivity Council (HKPC). The content of this report

is provided under the Creative Commons Attribution 4.0 International License, or “CC BY 4.0”

(https://creativecommons.org/licenses/by/4.0). You may share and adapt the content for any purpose, provided that

you attribute the work to HKPC.

Disclaimer

HKPC and AlipayHK shall not have any liability, duty or obligation for or relating to the content and data contained

herein, any errors, inaccuracies, omissions or delays in the content and data, or for any actions taken in reliance

thereon. In no event shall HKPC or AlipayHK be liable for any special, incidental or consequential damages, arising

out of the use of the content and data.

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2018 H1

© Hong Kong Productivity Council. All rights reserved.

Published by Hong Kong Productivity Council

HKPC Building, 78 Tat Chee Avenue, Kowloon, Hong Kong

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