Malaysiaās communications regulator has granted operating licenses to two prominent technology firms, marking a significant step in the countryās efforts to tighten oversight of internet messaging and social media platforms. According to a statement issued by the Malaysian Communications and Multimedia Commission (MCMC), WeChat, owned… Read More
The Hong Kong Monetary Authority (HKMA) announced the conclusion of an investigation and subsequent disciplinary proceedings against WeChat Pay Hong Kong Limited (WPHK), resulting in a fine of HK$875,000 ($112,000). The penalty is imposed for violations under the Payment Systems and Stored Value Facilities Ordinance… Read More
Thunes, a global cross-border payments network, announced that it has partnered with Tencent Financial Technology, Tencent’s fintech arm, “becoming the first payment infrastructure partner connecting with it.” This collaboration will “allow members of Thunes‘ global network to send international payments to Weixin users, giving them… Read More
QNB, which is one of the largest financial institutions in the MENA region, has introducedĀ WeChat Pay and AliPay+ to its existing range of payment options that are accepted by its merchant network in Qatar, making it the first banking institution in the country to… Read More
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
People’s Bank of China Launches New Support Policy for Carbon ReductionĀ 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
WeChat Pay Offers Special Call Center Service for Users Over 60 Years Old On February 3rd, CNNIC released āThe 47th Statistical Report on Chinaās Internet Developmentā. Up to December 2020, the number of mobile payment users in China stood at 853 million, up 87.44 million… Read More
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
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
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
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
China Issues New Rules Against Illegal Lending On October 21st, a new financial rule was jointly released by four ministries and commissions of Chinaās central government-the Supreme Peopleās Court, the Supreme Peopleās Procuratorate, the Ministry of Public Security and the Ministry of Justice. According to… Read More
China-based social media and payment app WeChat has reportedly updated its payment policy, which now states that those who engage in crypto trading will have their accounts terminated on the platform. According to CoinDesk, the policy was updated on April 30th and indicated that merchants… Read More
Visa Will Establish Asia’s Second Innovation Center in Beijing It is always not easy for payment Giant Visa to enter the Chinese market. Yet, it still does not give up. According to Yu Xueli, president of Visa (Greater China), Visa is planning to set up… Read More
Tsinghua PBCSF Releases “2018 Global Insurtech Report by Subsector” Early this month, the China Insurance and Pension Research Center of the National Finance Research Institute of Tsinghua University released the “2018 Global Insurtech Report by Subsector“. The report provides case studies of Insurtech companies in… Read More
Sesame Credit Accepted for Canadian Visa Application This week, the Canadian Immigration Department (IRCC) announced that Chinese tourists can choose to submit his/her Sesame Credit Visa report (ā„750 points) as financial proof for Canadian visa application. Sesame Credit is credit-assessment service offered by Ant Financial,… Read More
IFR of Tsinghua University Launches Global Fintech Venture Competition (2018) at the 5th World Internet Conference On November 8, the 2018 Global Fintech Venture Competition (hereinafter referred to as the āCompetitionā) was officially launched at the Fintech and Credit Society Construction Forum of the 5th… Read More
Alibaba Submits Blockchain Patent Applications that Allow “administrative intervention” On October 6th, Chinese e-commerce giant Alibaba applied for a blockchain system patent, allowing third-party administrators to perform “special treatment” (e.g. suspend a smart contract or freeze an account associated with an illegal activity). For example,… Read More
Beijing Launches Internet Court, Accepting and Hearing Cases of Online Lending On September 9, Beijing unveiled its Internet court. The court, located in Fengtai District, mainly accepts cases regarding the Internet and intellectual property rights, including disputes caused by online loans, online shopping contracts, and… Read More
Earlier today, and two days after WeChat suspended the social media accounts of 8 Chinese crypto news outlets, WeChat parent company Tencent has announced it will undertake “remediation measures” to monitor and “intercept” cryptocurrency sales and purchases on its WeChat Pay app. Similar news was… Read More
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