Tagged: china

Digital Banking: There’s Still a Long Way to Go Before Neobanks in Asia Pacific Compete with Traditional Financial Institutions, According to Industry Executives

Yves Roesti, Sean Huang, Xuna Shao and Joshua Choy from Synpulse, a financial services consulting company, point out that most digital banks were launched without physical branch locations. What makes neobanks stand out from incumbents is their ability to leverage technology to differentiate their product… Read More

San Francisco-based Crypto Exchange Kraken to Hire 67 New Staff Members, Despite Economic Uncertainty Due to Coronavirus

Trillions of dollars have been injected into the world’s financial markets in order to stabilize the global economy, following the deadly coronavirus (COVID-19) outbreak. The United States recently reached the highest unemployment rate in its entire history. Even during these times of uncertainty, US crypto… Read More

China Might Not be Prepared to Launch its Blockchain Service Network Next Month (as Planned), Due to Coronavirus Outbreak

Several reports from media outlets have claimed that China’s Blockchain Service Network will be introduced next month. However, these reports seem to be coming from local sources, which made the announcements before China’s first fatality due to the coronavirus (COVID-19). In October of last year,… Read More

China: WeiyangX Fintech Review

How Did the Chinese Fintech Industry Respond to COVID-19? With the outbreak of the COVID-19, more and more people and groups have joined the fight against it. Among the entities, Fintech companies are giving full play to their advantages in providing financial services, contributing technical… Read More

People’s Bank of China Is Reportedly Inching Closer to Issuing a Digital Yuan

The People’s Bank of China (PBoC), the nation’s central bank, is reportedly inching closer to launching a national virtual currency. As noted in a report from the Global Times on March 24, 2020, which cited “industry insiders,” the PBoC seems to have finalized the development… Read More

Fintech Adoption: Consumers in the Asia-Pacific are Looking for Competitive Fees when Choosing Financial Service Providers, EY Executive Argues

James Lloyd, associate partner at Big Four auditing firm Ernst and Young (EY) and Asia-Pacific Fintech leader, claims that financial technology growth and adoption is surging in the Asia-Pacific region. He notes: “[Fintech development in Asia is] driven by consumers’ desire for more attractive fees… Read More

China: WeiyangX Fintech Review

Alibaba’s DingTalk Builds International Medical Expert Communication Platform to Help Combat the Outbreak of COVID-19 On March 19th, Alibaba’s DingTalk launched the International Medical Expert Communication Platform. It provides a means of free communication, hosted on Alibaba Cloud, for medical workers all around the world… Read More

Wirecard Announces E-Commerce Offering Expansion For WeChat Pay; Enables European Merchants Access to Chinese Market

Germany-based global provider of digital payments and commerce solutions Wirecard announced on Thursday it has expanded its e-commerce offer for Chinese online shoppers by integrating with payment method WeChat Pay. Wirecard reported that the solution is ideal for European merchants seeking to enter the Chinese market…. Read More

Transferwise Partners with Alipay on Money Transfers

Fintech TransferWise has announced that its 7 million+ customers can now send money instantly to Alipay users. Alipay is the payments platform provided by Ant Financial (Alibaba). Ant Financial is the highest valued Fintech in the world. “Our newest partnership with Alipay has been one… Read More

China: WeiyangX Fintech Review

The PBC, NDRC and Four Other Authorities Jointly Release the Work Plan for Coordinated Regulation of Financial Infrastructures In order to strengthen the construction of financial infrastructure, coordinate the regulation of important financial infrastructures and improve the capability of the financial sector to serve the… Read More

CreditEase Fintech Investment Fund Participates in $36 Million Series B+ Funding Round For Chinese Startup Fenbeitong

CreditEase Fintech Investment Fund (CEFIF) announced on Friday it is participating in a $36 Million Series B+ financing round in Fenbeitong, a corporate expense management startup based in China, alongside Eight Roads, Glade Brook Capital, Ribbit Capital, IDG Capital, and China Growth Capital. Founded in 2016,… Read More

Traditional Banks and Fintech Firms are More Likely to Work Cooperatively than Compete: Report

The ongoing competition between traditional banks and innovative Fintech firms might be coming to an end or is already over, according to Barclays, a British multinational investment bank and financial services company with over $1.2 trillion in assets. A recent report from the London-headquartered investment… Read More

People’s Bank of China Acquires $4.7 Million in Funding to Further Develop Blockchain-based Trade Finance Platform

The People’s Bank of China (PBoC) has reportedly acquired 32.35 million RMB (appr. $4.7 million) in special funding in order to finance the ongoing development of its blockchain or distributed ledger technology (DLT)-enabled trade finance platform. The funding, which will be gradually injected during a… Read More

China’s Capital Beijing to Introduce Blockchain or DLT Invoicing Systems to Enhance Transparency

China’s capital Beijing has revealed that the city’s tax department will introduce blockchain or distributed ledger technology (DLT)-powered invoicing. The new service was reportedly launched on  March 2, 2020. Officials in Beijing said they are planning to take advantage of DLT’s unique transparency, traceability and… Read More

Contactless Smart Payment Card Developer Macau Pass S.A. Introduces Alipay HK and WeChat Pay HK Integration

Macau Pass S.A., the developer of a contactless smartcard (previously called Transmac IC Card), first launched the Transmac over 20 years back (in 1999). The card may be used to conveniently pay for bus fares, everyday shopping, and dining with many more retailers expected to… Read More

WeChat Pay to Expand Operations and Services in the UAE Following Agreement with Tencent Holdings, Network International

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

Banking Challengers Attracted Record Levels of Investments Last Year: Report

Digital Banking Banking challengers have been introducing innovative financial products in order to compete with traditional banks. Challenger or neobanks attracted $5.2 billion in funding last year, which is more than triple of what they received back in 2018 ($1.6 billion). Italy-based Nexi, a digital… Read More

World’s Most Valuable Fintech Ant Financial to Power Pakistan’s New Blockchain-based Payments Service

Ant Financial, an affiliated company of the Chinese Alibaba Group, is reportedly running the first international blockchain-powered payment service in Pakistan. This is a major milestone in the Asian nation’s journey to enable greater financial inclusion. Ant Financial is notably the world’s highest-valued Fintech firm,… Read More

80% of Chinese Banks to Integrate Fintech Solutions from Cloud Market: Report

Approximately 80% of all Chinese banks will acquire and integrate Fintech solutions from the cloud market, according to International Data Corporation (IDC), a leading multinational market intelligence company.  China’s Fintech sector is known for quickly adopting a broad range of information technologies including cloud computing,… Read More

London-based Paysend Launches Global Money Transfer Service in Australia

London-headquartered Paysend, an international funds transfer company, has confirmed the launch of its money transfer services in Australia. Paysend’s services can now be used in the $1.3 trillion economy to send funds to companies located abroad. The firm said that China, India, and Vietnam are… Read More

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