Tagged: china

March 4, 2020 @ 9:18 am By Omar Faridi  |  

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

March 1, 2020 @ 6:10 pm By Omar Faridi  |  

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

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

February 21, 2020 @ 11:12 am By Omar Faridi  |  

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

February 17, 2020 @ 12:47 pm By Omar Faridi  |  

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

February 17, 2020 @ 7:32 am By Omar Faridi  |  

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

February 10, 2020 @ 1:51 am By Omar Faridi  |  

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

February 9, 2020 @ 11:07 pm By Samantha Hurst  |  

Bitmain Technologies, a China-based consumer-grade ASIC miner, recently address fraudulent usage of websites Bitmain.farm and Antminersmiling.com. The company reported it discovered some websites that have been impersonating Bitmain and have been communicating with its existing customers under false pretense. “In order to protect the legitimate… Read More

February 9, 2020 @ 3:28 am By Xu Gao  |  

Insurtech Platform Huize.com to List on NASDAQ on February 12 On February 6th, online insurance platform Huize.com updated its F-1 prospectus filed to the US Securities and Exchange Commission (SEC), and planned to list on NASDAQ on February 12th, with a stock code “HUIZ”. It… Read More

January 27, 2020 @ 4:53 pm By Omar Faridi  |  

Chinese e-commerce company Zall Smart Commerce Group will establish operations in Singapore’s evolving financial industry. Zall’s management noted that the firm is part of a consortium that’s applying for a digital wholesale banking license in Singapore. Global eTrade Services, a CrimsonLogic Pte division, and Marubeni… Read More

January 26, 2020 @ 7:17 am By Omar Faridi  |  

Tokopedia, an Indonesia-based e-commerce marketplace, is reportedly in the final stages of closing an investment round valued at around $1.5 billion from Japan’s Softbank, China’s Alibaba Group and Singapore-based Temasek. The Tokopedia marketplace, which is notably the largest of its kind in Indonesia, is now… Read More

January 19, 2020 @ 8:28 am By Omar Faridi  |  

Ant Financial is reportedly working with several banking institutions in order to revive its plans for conducting an initial public offering (IPO). The Fintech company’s decision to go public has come more than a year after China’s leading mobile payments firm postponed the process after… Read More

January 18, 2020 @ 5:54 pm By Xu Gao  |  

Tencent LiCaiTong Releases “Online Wealth Management Behavior and Security Report (2019)“ On January 14th, LiCaiTong, Tencent’s wealth management platform, and National Institution for Finance & Development (NIFD) jointly released the “Online Wealth Management Behavior and Security Report (2019)”. The report published the 2019 online wealth… Read More

January 15, 2020 @ 11:02 am By Samantha Hurst  |  

Ant Financial Services Group (Ant Financial), a China-based tech company and the operator of Alipay, is set to host its upcoming fintech conference in Shanghai. Ant Financial reported that the INCLUSION Fintech Conference is an event that aims to bring together the global financial and… Read More

January 14, 2020 @ 7:46 am By Omar Faridi  |  

“Beijing Tong,” a mobile-based app developed and released by Beijing’s municipal government, has reportedly registered data from more than 1,000 local business offices on its “menu blockchain” system. Confirming the development on January 11, 2020, during a scheduled session of the Municipal People’s Congress, Feng… Read More

January 13, 2020 @ 4:18 pm By Cali Haan  |  

Bitmain, one of the world’s largest manufacturers of cryptocurrency mining hardware, says it is reducing staff in order to head off a revenue squeeze that could occur when Bitcoin “halves” in May, Sina reports. Although, “the company is now operating normally and the cash flow… Read More

January 11, 2020 @ 7:29 am By Omar Faridi  |  

Asian Fintech firm Ant Financial, a subsidiary of e-commerce giant Alibaba (NYSE:BABA), has reportedly been ranked China’s fifth most valuable privately-held company. According to an inaugural rankings report released by Hurun, which is primarily known for publishing China’s list of wealth individuals, Ant Financial is… Read More

January 11, 2020 @ 7:22 am By Omar Faridi  |  

The People’s Bank of China (PBoC), the nation’s central bank, has reportedly stated that the “top-level” design of its national digital currency has been finalized. The Chinese reserve bank revealed the development of the sovereign digital currency in a new paper, confirming that the “top-level… Read More

January 10, 2020 @ 10:07 am By Samantha Hurst  |  

Western Union (NYSE: WU) announced on Friday it has partnered with Du Xiaoman Financial (formerly fintech Baidu Finance) to launch Western Union international money transfers to be paid out in real-time into even more bank accounts in China.  According to the duo, the account payout… Read More

January 9, 2020 @ 11:01 pm By Samantha Hurst  |  

Standard Chartered, a UK-based multinational banking and financial services company with $688 billion in assets, announced on Thursday its strategic investment into Linklogis, a Chinese supply chain financing platform, to enhance its joint supply chain ecosystem proposition and provide suppliers with access to affordable and… Read More