PR in the Philippines

Dubai, United Arab Emirates – November 2, 2024 – Tencent and Balance announced a collaboration to bring palm payment technology to international markets at GITEX Global 2024, now in its 44th year, with over 6500 exhibitors and delegates from over 180 countries.

• The signing of a Memorandum of Understanding (MOU) signifies a commitment to building a groundbreaking payments and super app ecosystem globally, beginning in Dubai, UAE.
• Through this partnership with Tencent Cloud, Balance is focusing on developing several technology ecosystems across the UAE.

Tencent’s Middle East expansion continues at GITEX GLOBAL 2024 with this strategic partnership with Balance, a leading e-wallet provider in Dubai.

This strategic partnership will introduce cutting-edge technology to Balance, including palm payments and the popular WeChat mini app solution (TCMPP).

Tencent has committed to growing in international markets, with Tencent Cloud experiencing over 80% business growth in the Middle East and North Africa (MENA) region, driven by strong interest from both public and private sectors for digital transformation and cloud-based innovations.

Balance will integrate Tencent Cloud’s Palm Verification capability into its payment system, enabling secure and seamless identity authentication for payment authorizations. The authentication will take place within Balance’s private, dedicated environment, ensuring a fully compliant and secure payment ecosystem.

Balance is also working on adopting the TCMPP platform as part of its app, providing brands and users with access to a range of essential daily services and products through a single interface.

Kartik Tikku, Founder & CEO of Balance, expressed his enthusiasm for this partnership with Tencent, stating, “This partnership brings the world’s best payments experience to the UAE and beyond.” The smart POS with palm payments is a leading technology currently available only with Tencent and Amazon. Balance understands that the UAE’s young population craves innovation and the best global technology, making it the ideal location to introduce this technology to international markets. “We are looking forward to bringing this solution to some of the largest brands in the world, from apparel, restaurants, gyms, salons, hotels to supermarkets. The demand has been very strong, and conversions are underway with leading global brands to roll this out across their stores.”

Dan Hu, Vice President of Tencent Cloud International for the Middle East and Africa, stated, “As Tencent Cloud continues to deepen its presence in the region, we are confident that our cloud and AI solutions are fully aligned with the local market’s needs and digital transformation goals. This new partnership with Balance is a testament to our technology’s ability to empower local businesses and government services alike, creating secure, efficient, and innovative platforms that enhance the everyday lives of users.”

About Balance Technology Limited

Balance, a leading digital wallet ecosystem, aims to build the most innovative wallet for the most innovative city in the world. In a constantly evolving digital world, Balance plans to create state-of-the-art payments technology to foster a powerful community of friends, family, and brands.

About Tencent Cloud

Tencent Cloud, a leading global cloud company, is committed to creating innovative solutions to address real-world issues and enable digital transformation for smart industries. Through its extensive global infrastructure, Tencent Cloud provides businesses worldwide with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. Tencent Cloud consistently strives to meet the needs of various industries, including gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.

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