Tagged: wechat

January 30, 2022 @ 9:18 pm By Omar Faridi  |  

Wise clients across the globe will now have the option to conduct quick, seamless and cost-effective global fund transfers to Weixin users residing in China from 11 different currencies, including SGD, USD and GBP. Wise (LON:WISE), the international tech firm focused on creating the best… Read More

November 27, 2021 @ 2:04 pm By JD Alois  |  

The People’s Bank of China has banned the use of WeChat and Alipay payment codes for businesses beginning on March 1, 2022, according to reports. WeChat and Alipay are the two most popular digital payment platforms in China. According to China News, personal collection codes… Read More

November 13, 2021 @ 7:15 pm By Xu Gao  |  

People’s Bank of China Launches New Support Policy for Carbon Reduction  On November 8th, the People’s Bank of China launched a new policy tool to support efforts of carbon reduction in China. The PBC will use this monetary policy instrument to provide low-cost funding for… Read More

July 12, 2021 @ 8:30 am By Xu Gao  |  

WeChat Pay Offers Special Call Center Service for Users Over 60 Years Old On February 3rd, CNNIC released “The 47th Statistical Report on China’s Internet Development”. Up to December 2020, the number of mobile payment users in China stood at 853 million, up 87.44 million… Read More

January 6, 2021 @ 12:32 pm By Omar Faridi  |  

US President Donald Trump has signed an order that aims to place a ban on US transactions with eight major Chinese apps – which reportedly includes Ant Group’s Alipay and Tencent Holdings’ online wallets. Notably, this order has arrived just days before the Trump administration… Read More

May 26, 2020 @ 11:44 pm By JD Alois  |  

Tencent, a massive Chinese conglomerate that also operates WeChat, is planning to invest $70 billion over the next five years. The money will go into “new infrastructure” including areas like artificial intelligence (AI), blockchain, cybersecurity, big-data and more. This is according to a report in… Read More

May 25, 2020 @ 7:32 pm By Omar Faridi  |  

Andy Mukherjee argues in a recently published Op-Ed in the Washington Post that the virtual yuan could potentially transform “the relationship between money, economic power, and geopolitical clout.” The digital renminbi has been under development since 2014. Its top-level design was recently finalized and its… Read More

April 27, 2020 @ 6:10 pm By Omar Faridi  |  

Challenger Bank Zelf is reportedly planning to introduce its digital banking offering which will operate exclusively through widely-used messaging apps. The Latvian Fintech firm claims that it has already signed up more than 58,000 users, who are waiting for the official launch of Zelf’s virtual… Read More

March 31, 2020 @ 10:25 pm By Omar Faridi  |  

Australia-based Gobbill, a fraud detection and payment automation firm, and AirPay, a Chinese mobile payment company, have integrated Alipay and WeChat payment functionality into a media platform, called Today Australia. The integration will allow users to make payments via a feature called “ToPay,” which comes… Read More

March 9, 2020 @ 8:11 am By Omar Faridi  |  

Three industry professionals, who are considered experts on monetary policies and cryptocurrency, recently talked about the current challenges and potential benefits of introducing central bank-issued digital currencies, or CBDCs.  The discussions took place on March 7, 2020, at the Massachusetts Institute of Technology (MIT) Bitcoin… Read More

February 25, 2020 @ 7:08 am By Omar Faridi  |  

WeChat Pay is planning to expand its operations and services in the United Arab Emirates (UAE), after an agreement was finalized between Tencent Holdings and UAE-headquartered solutions developer Network International. Merchants that use Network International in the UAE will soon have the option to set… Read More

December 25, 2019 @ 11:30 pm By Xu Gao  |  

China to Enact Personal Information Protection Law and Data Security Law in 2020 On December 20th, the Legislative Affairs Commission of the NPC Standing Committee held its third press conference. According to the Legislative Law of the People’s Republic of China, the Standing Committee of… Read More

December 24, 2019 @ 10:58 am By Omar Faridi  |  

Tencent, which operates the popular Chinese social media app WeChat, is reportedly planning to establish a digital currency research division in order to support the ongoing development and advancement of blockchain or distributed ledger technology (DLT) initiatives. Chinese media outlet iFeng revealed on December 23… Read More

November 9, 2019 @ 5:00 pm By Xu Gao  |  

Alipay and WeChat Pay Open to International Visitors Previously, international tourists visiting China cannot enjoy the convenience of local mobile payment (Alipay & WeChat Pay) services if he/she did not have a Chinese mobile number and bank account. This changed this week. On November 7th,… Read More

October 26, 2019 @ 2:59 pm By Xu Gao  |  

China Issues New Rules Against Illegal Lending On October 21st, a new financial rule was jointly released by four ministries and commissions of China’s central government-the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security and the Ministry of Justice. According to… Read More

October 24, 2019 @ 8:44 am By Omar Faridi  |  

Shenzhen-based Tencent, an internet service portal that provides mobile, telecom, and online advertising services, has stated that the proposed launch of the Facebook-led Libra project could pose a threat to existing digital payment platforms. Tencent’s management noted in a recently published blockchain whitepaper that the… Read More

October 11, 2019 @ 1:53 am By Cali Haan  |  

Following a confirmation from CEO Changpeng Zhao (CZ) on Twitter yesterday that the Binance cryptocurrency exchange will soon allow customers to their trading accounts using Alipay and WeChat, Alipay has tweeted to deny Zhao’s announcement, stating: “NO, you cannot…There’re several reports about @Alipay being used for… Read More

September 14, 2019 @ 6:25 pm By Xu Gao  |  

The National Internet Finance Association of China Requires Members to Disclose Annualized Lending Costs This week, the National Internet Finance Association of China (NIFA) issued a notice to member institutions about annualized lending costs disclosure and industry discipline. According to the notice, some online lending… Read More

July 27, 2019 @ 2:41 pm By Xu Gao  |  

Peoples Bank of China Releases Measures for Further Opening up the Financial Sector In order to implement the decisions and arrangements of the CPC Central Committee and the State Council on further advancing opening-up, and according to the principle of taking actions “faster rather than… Read More

June 18, 2019 @ 11:33 am By Samantha Hurst  |  

BBVA announced on Monday it has teamed up with Dufry to launched the first WeChat Pay facilities in Spain in travel retail operator’s World Duty Free stores at the Adolfo Suarez Madrid-Barajas airport. According to BBVA, the move is a “hugely significant shift” within the… Read More