Tagged: china

Data from Ant Group Indicates Rebound of Consumer Spending During First Back-to-Normal Chinese New Year

Data from Ant Group reportedly shows a robust rebound of consumer spending during the first back-to-normal Chinese New Year (CNY) travel season after the Covid-19 pandemic, especially in cross-border tourism. Through the Alipay+ cross-border mobile payment technology solutions, Chinese travelers may pay “for goods, food… Read More

China’s VC Funding Dips in January 2024 Amid Global Declines

China’s venture capital (VC) market experienced a noticeable decline in January, with a total of 251 VC funding deals amounting to $2.6 billion, according to the latest analysis by GlobalData, a premier data and analytics firm. This represents an 8.4% decrease in deal volume and… Read More

Remember Lufax? It is now trading at an all time low of Around $2 a Share

Once one of the largest peer-to-peer lenders in the world, China’s Lufax (NYSE:LU) has hit an all-time low trading on the NYSE. The bid-ask of shares is around $2.17. A year ago, it was trading at over $10 a share, thus delivering a spectacular collapse… Read More

Investors Should “Buckle Up” as Markets Could Drop by Up to 20% During a Volatile Q1 2024, Fintech Industry CEO Says

Investors should “buckle up” as markets are likely to be volatile in the first quarter of 2024 and could drop by up to 20% – but you could find there are more opportunities to make money, affirms the CEO of an independent financial advisory and… Read More

Hong Kong Exchanges and Clearing Ltd (HKEX) Signs MoU with the People’s Government of Heilongjiang Province in China

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce it has signed a Memorandum of Understanding (MOU) with the People’s Government of Heilongjiang Province (Heilongjiang Government) to “strengthen cooperation and to support listings of Heilongjiang companies on Hong Kong’s equities market.” Under the… Read More

Singapore, China Enhance Digital Finance Cooperation

The Monetary Authority of Singapore (MAS) has announced a series of new initiatives in digital finance and capital markets, aimed at strengthening financial cooperation with China. These initiatives were unveiled at the 19th Joint Council for Bilateral Cooperation (JCBC) in Tianjin, co-chaired by Singapore Deputy… Read More

Venture Capital Funding in China Declines 29% YoY to $34.6B During Jan-Oct 2023, Report Reveals

A total of 2,675 venture capital (VC) funding deals were announced in China during January-October 2023 while the disclosed funding value of these deals stood at $34.6 billion. China witnessed considerable decline “in terms of both deal volume and value compared to January-October 2022,” according… Read More

Mastercard JV Approved to Begin Local Payments Processing in China

Mastercard (NYSE: MA) announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) in order “to commence domestic bankcard clearing activity in China.”… Read More

Hong Kong: Fintech Innovation Boost in GBA with New Tripartite Deal

A landmark agreement has been reached between the Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM), promising to revolutionize fintech cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The “Memorandum of Understanding on Deepening… Read More

Malaysia’s Maybank Expands Cross-Border Services to China, Enhances ASEAN Financial Integration

Maybank announced the expansion of its cross-border QR Pay service to China, one of the first in the market for a Malaysian bank, amplifying Maybank’s existing cross-border payment capabilities and enhancing the ease and efficiency of financial transactions. This initiative aims to benefit over 8… Read More

International Payments: China Construction Bank, Thunes to Streamline Cross-Border Transactions

Thunes, the global B2B payment infrastructure platform, and China Construction Bank (CCB), a commercial bank in China, have announced partnership to collaborate on cross-border payments. With the new relationship, Thunes will support the bank “to enable international payment acceptance for Chinese small to medium-sized businesses… Read More

Digital Assets Report: China and Hong Kong Show Unique Breakdowns in Most-Used Crypto Platform Types

Hong Kong sees a larger share of transaction volume “coming in large institutional transactions of $10 million or more compared to other countries in the region — notably mainland China,” according to an update from Chainalysis. On the other end of the spectrum is South… Read More

Real Estate Report: Increased Rates have Translated into Higher Debt Costs that have Moderated Achievable Returns in Property Markets

Six months into 2023, private real estate was still “weathering ongoing macroeconomic headwinds,” according to an update shared by Pitchbook. In the US, the federal funds rate “has steadily increased since March 2022, hovering within a range of 5.0% and 5.25% as of the end… Read More

Fintech Adoption Rates, VC Funding in the UK, Canada, Singapore, Hong Kong Remain Steady – Report

Canada has the highest growth rate of fintech adoption across six markets, according to research shared by Tipalti. A new study, conducted by Tipalti, analyzed factors “such as global fintech adoption rates, Google searches for fintech by country and the regions that have the highest… Read More

Global Fintech Currencycloud Reports Steady Business Growth in China and APAC Region

Currencycloud, the Fintech focused on simplifying business in a multi-currency world, has more than tripled its Chinese customer growth rate across Asia-Pacific since establishing its APAC headquarters in 2021, “with its Chinese client base expanding from four to 12 organisations across the region.” As one… Read More

China Digital Transformation Index: Only 2% of Firms Undertaking Essential Steps to Support Sustainable Growth

The latest edition of Accenture’s (NYSE: ACN) China Digital Transformation Index shows that just 2% of Chinese companies are “undertaking the holistic, continuous digital transformation steps needed to drive long term, sustainable growth.” Samantha Zhu, chairperson of Accenture Greater China, said: “A convergence of external… Read More

Saudi Arabia-China Entrepreneurs Association Signs MoU with HKTDC to Boost Trade with Hong Kong

In a landmark move to fortify commercial ties between Hong Kong and Saudi Arabia, the Saudi Arabia-China Entrepreneurs Association (SCEA) signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The MoU was inked during the eighth Belt and Road Summit…. Read More

Financial Services for SMEs: WorldFirst’s 1688 Global Sourcing Integration Sees Steady Adoption

WorldFirst, a “one-stop” global payment and financial services platform for SMEs engaged in cross-border trade, reported that international SME buyers have increasingly “adopted the WorldFirst Cross-border Pay solution for 1688, one of China’s top wholesale marketplaces, as SMEs worldwide seek cost-effective sourcing options to stay… Read More

Chinese Authorities Takes Down Numerous Crypto-related Influencer Accounts in Accordance with Regulations – Report

China’s cryptocurrency crackdown continues as Weibo has reportedly banned around 80 crypto influencers. Weibo’s management stated that these decisions were made in order to comply with domestic regulatory requirements, which aim to discourage speculation, trading, and promotion of digital currencies. The Beijing-headquartered company said that… Read More

China Expected to Lead Global Digital Commerce Market with Projected $2.2T Sales in 2023, Report Claims

China is set to retain its dominant position in the global e-Commerce landscape, according to an update shared by GlobalData. Bolstered by a solid 9.9% growth, the Chinese e-Commerce market is “anticipated to surge to CNY 15.2 trillion ($2.2 trillion) in 2023, driven by the… Read More

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