More room for HK's Octopus to extend its tentacles

Hong Kong

WHEN news broke last month of Alibaba founder Jack Ma telling Hong Kong leader Carrie Lam that his company could help the city develop into a "more fashionable", cashless society, you could almost hear residents of the Fragrant Harbour let out a collective snigger.

Who needs Alibaba's mobile wallet and online payment platform Alipay when we have Hong Kong's very own Octopus, many scoffed.

If there is a leader in the race to drive Hong Kong's transformation into a completely cashless society, a cornerstone of the city's smart city blueprint, it would be Octopus Cards Limited.

The Hong Kong company, a joint venture of five major public transport operators including MTR Corporation (which owns and manages a vast network of retail, commercial and residential properties), mar…