AlipayHK CEO Jennifer Tan outlined ambitions to allow seamless use of its app in mainland China, though noted a number of regulatory hurdles must be cleared first, China Daily reported.

Tan said allowing users of the Hong Kong-specific Alipay application in mainland China, and even further afield, was something the company hoped to enable in the “near future”.

However, she pointed to differences in regulation, foreign exchange issues and perceived concerns about money laundering as current stumbling blocks.

AlipayHK falls under regulation from the Hong Kong Monetary Authority and processes transactions in Hong Kong Dollars, whereas the Alipay service in the rest of China falls under the watch of the People’s Bank of China and uses Chinese Yuan.

The China version of the Alipay app, owned by Alibaba affiliate Ant Financial, can already be used in locations around the world including at retailers in Hong Kong. AlipayHK is a joint venture between Ant Financial and conglomerate CK Hutchison and is only able in its home market.