Tagged: china

November 17, 2019 @ 11:33 pm By Omar Faridi  |  

Cashless or digital payments have become increasingly popular, however, cash still remains a widely-used payment method in most nations, especially in rural communities and jurisdictions with a large unbanked population. Following many years of steady growth, the total number of cash withdrawals made via ATMs… Read More

November 16, 2019 @ 8:00 pm By Xu Gao  |  

Xiong’an to Launch “Financial Island” and Regulation Sandbox On November 13th, Zhu Zhongwen, deputy director of the Reform and Development Bureau of Xiong’an New Area Administrative Committee, revealed that a “Financial Island” of about 2.5 square kilometers would be built in the Xiong’an New Area… Read More

November 16, 2019 @ 7:29 pm By Samantha Hurst  |  

China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Thursday two developments that mark significant progress in regaining compliance with the New York Stock Exchange’s Continued Listing requirements. China Rapid Finance reported that it completed its 2018 financial statement audit… Read More

November 16, 2019 @ 1:59 pm By Cali Haan  |  

The People’s Bank of China (PBOC) and the Shanghai Municipal Financial Regulatory Bureau have ordered securities regulators in Shanghai to identify cryptocurrency exchanges, token issuers, and distributors of foreign ICO’s in the city so they can be shut down, The Block reports. According to Chinese… Read More

November 15, 2019 @ 6:23 pm By Cali Haan  |  

Malta-based Binance, one of the world’s busiest cryptocurrency exchanges, and Tron, the 11th largest blockchain project, have had their accounts blocked on Weibo, a Chinese social media site similar to Twitter, The Block reports. According to the outlet, all content, including the follower count, has… Read More

November 13, 2019 @ 10:33 pm By Cali Haan  |  

Officials at the People’s Bank of China have issued an official statement disclaiming rumours that China has begun issuing a central bank digital currency (CBDC). “Recently, the net news said that the People’s Bank of China has issued (a) legal digital currency,” the communiqué states,… Read More

November 13, 2019 @ 8:40 am By Omar Faridi  |  

A recent report published by global market intelligence company IDC has revealed that China’s blockchain industry is on track to experience substantial growth in the next few years. As reported by Xinhuanet, China’s blockchain ecosystem is expected to be valued at more than $2 billion… Read More

November 11, 2019 @ 4:21 pm By JD Alois  |  

Alipay, part of Ant Financial / Alibaba, just had a gangbusters day as all of the transactions for Singles Day were processed through the payment platform. More than five years ago, Alipay topped PayPal to become the world leader in mobile payments – something that… Read More

November 11, 2019 @ 3:10 pm By JD Alois  |  

Alibaba’s annual Singles Day has turned into a huge event in China. Headlines today indicate that singles day has delivered a record-setting amount of transactions as sales top a whopping $38 billion. According to Alibaba, $1 billion was settled via Alibaba’s Fintech platform Alipay within… 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

November 7, 2019 @ 9:32 pm By Cali Haan  |  

Micree Ketuan Zhan, co-founder of Bitmain, the world’s largest manufacturer of cryptocurrency mining hardware, has promised in an open letter to take legal action against colleagues who “dismissed” him suddenly at the end of October. According to a translation of the letter obtained by The… Read More

November 4, 2019 @ 2:28 pm By Omar Faridi  |  

The Shanghai branch of the People’s Bank of China (PBoC), the nation’s central bank, has released 40 new measures that have been created mainly to support Fintech development in the city, which is one of the four municipalities in the country. PBoC’s latest measures will… Read More

November 4, 2019 @ 10:16 am By JD Alois  |  

It has been widely reported that the People’s Bank of China is nearly ready to issue the first Central Bank Digital Currency (CBDC) to streamline the payment/transfer process for the Renminbi. Many central banks are reviewing the pros and cons of a CBDC but China… Read More

November 2, 2019 @ 12:31 pm By Xu Gao  |  

People’s Bank of China and the State Administration for Market Regulation Jointly Incorporate Fintech Products into the National Certification System To implement the policy of “pushing for the establishment of a management system based on government supervision and led by standards where corporate responsibilities are… Read More

October 31, 2019 @ 7:00 pm By Nick Raper  |  

With the implementation of PSD2 in Europe, Open Banking payment solutions are starting to be rolled out across the UK and Europe. But while the core Open Banking payment solutions are live, there is a long way to go until we see the widespread adoption… Read More

October 31, 2019 @ 2:02 pm By Omar Faridi  |  

The government of Guangzhou, the capital and most populous city of China’s Guangdong province, has reportedly launched a $140 million subsidy fund in order to support the ongoing development of several local blockchain projects. Guangzhou’s authorities intend to allocate around 1 billion yuan (appr. $141… Read More

October 31, 2019 @ 1:39 am By Cali Haan  |  

On the heels of yesterday’s news that competitor Canaan has filed an IPO prospectus to go public on the Nasdaq comes a report that Bitmain, the world’s largest manufacturer of cryptocurrency mining hardware, is also seeking to go public on a New York Stock Exchange…. Read More

October 30, 2019 @ 3:17 am By Cali Haan  |  

Despite an official ban on cryptocurrency trading imposed progressively in the region since 2016, China now appears to be throwing its full weight behind “blockchain,” a type of distributed-ledger technology popularized by Bitcoin that many critics claim is of little use outside of it. A… Read More

October 29, 2019 @ 10:30 pm By Cali Haan  |  

Micree Ketuan Zhan, majority stakeholder of world’s largest crypto mining hardware manufacturer, Bitmain, appears to have been forced out of the company he helped found with Jihan Wu. Chinese media including Sina reported on the developments, which appear to have been confirmed in an email… Read More

October 29, 2019 @ 4:23 pm By Cali Haan  |  

Chinese state news site The People’s Daily is advising Chinese investors to be “rational” despite excitement raised by President Xi Jinping’s recent remarks endorsing, “accelerate(d) development of blockchain technology and industrial innovation.” According to Reuters, The People’s Daily urged Monday: “Blockchain’s future is here but… Read More