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Market Overview How Chinese use mobile E-wallets for payments Payment Scenarios In-store(P 2 M): Restaurants Retail Delivery Tourists Travel Health Entertainment Financial service via APP: Investments Insurance Loan & Mortgages Source: Analysys (by 2018 Q 4) Online (P 2 M) : E-commerce Booking Entertainment % Transaction Vol/Value allocation across Payment Scenarios Value by percentage allocation Volume by percentage allocation Personal (P 2 P): P 2 P Transfer Bills Payments CC Repayments Recharge Top up 7

Market Overview Key players : Alipay Source: Alibaba Group

Market Overview Key players : Alipay serves as a payment gateway to the Ant Financial’s Ecosystem Payments Alipay has more than 740 M users , and been accepted in more than 70 countries, supporting 14 major currencies as of Q 4, 2018. Wealth Management Yu’e Bao is a money market fund, the largest one in the world , managing $155 B as of Q 1, 2019 Ant Fortune is a marketplace that pairs China’s asset management companies with consumers, with more than 200 M users as of Q 1, 2019. Credit Scores Zhima Credit is an independent, private, alternative credit service under Ant Financial by assessing individuals’ willingness and ability to fulfil a commercial contract between consumers and businesses, with 350 M users as of Q 1, 2019. Consumer Lending Ant Cash Now is a personal cash loan product, with 0. 04% daily interest or APRs of 14. 6% on average, and the most active users are Post-90 s and Post-80 s reaching 200 M. Ant Credit Pay is a revolving line of credit to Alipay users, with various fund limits based on the risk control models from Zhima Credit. Source: Alibaba Group

Market Overview Key players : We. Chat Pay Ecosystem Source: Octoplus Media Global

Market Overview Key players : We. Chat Pay Number of monthly active We. Chat users and We. Chat Pay Users (in millions), Source: Statista 10

Market Overview Key players We. Chat Pay Relying on social communication and User's basic needs for Ecosystem Layout Social communication Connecting people Connection Drive Traffic Connecting people and service Powered by Tencent Powered by Third-party Service Provider

Market Overview Key players China Third-Party Payment: Alipay and We. Chat Pay Market Share by Transaction Value Source: Analysys and Walkthe. Chat Alipay and We. Chat Pay Market Penetration by Users as of Q 4, 2018

9 19 Challenges and Reactions for Banks Bank App & E-wallet Daily Active User of App in Year 2018 Unit : Million User Alipay 158, 2 ICBC 5, 863 China Construction Bank 4, 355 China Merchants Bank Alipay has more DAU than all the e-banking apps in China combined 3, 637 Agricultural Bank of China 2, 26 Bank of China 1, 27 Bank Of Communications 1, 1 POSTAL SAVINGS BANK 0, 85 0 Source: Analysys 20 40 60 80 100 120 140 160 180

20 Challenges and Reactions for Banks Bank App & E-wallet Average #Times Opened Daily in Year 2018 Wechat 21 Alipay 4, 2 Agricultural Bank of China 2, 7 China Construction Banks are catching up but Alipay and We. Chat are still the two dominants 2, 4 China Merchants Bank 1, 9 Bank Of Communications 1, 7 Bank of China 1, 4 ICBC 1, 2 0 Source: Analysys 5 10 15 20 25

Challenges and Reactions for Banks CITIC Case for Banking E-wallet CITIC Bank, top commercial bank in China, launched Cyber Payment（QRCode) in 2013 , but soon failed: l Lack of User Base l Lack of Merchant Base l Lack of Payment Scenarios

Challenges and Reactions for Banks BOC-Pay Case for Banking E-wallet Top Ranking for APP Download in HK as of Q 1, 2019 Accumulated Ranking for APP Download in HK as of Q 1, 2019 l Support Union Pay Networks l Support FPS Networks l Works in Mainland China and HK

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