China
Job Cuts Hit Morgan Stanley and HSBC in China and Hong Kong
In a move reflecting the challenging market conditions in the Asia-Pacific region, particularly in Hong Kong and China, global investment banks Morgan Stanley and HSBC have recently implemented targeted job cuts within their investment banking teams. Sources indicate that Morgan
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Tencent Rolls Out Weixin Pay Enhancements for International Visitors in China
Tencent has announced comprehensive enhancements to its payment platform, Weixin Pay, aimed at improving the experience for visitors to mainland China. These initiatives simplify registering for WeChat and linking international credit cards, ensuring convenience and security. Upon downloading or updating
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UnionPay China Invests CNY 3 Billion to Enhance Payment Accessibility
UnionPay, a Chinese state-owned financial services firm, has unveiled Project Excellence 2024 in a bid to optimise payment services across the country. The project comes in response to the State Council’s recent guidelines calling for improvements in the payment services
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China’s Ant Group Increases Transaction Limits for Overseas Travelers
Ant Group, in response to new policies by the People’s Bank of China (PBOC) aimed at facilitating international visits, has announced an increase in transaction limits for international travelers using its cross-border payment services. Effective immediately, the single transaction limit
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Ant Group Faces 92% Profit Decline in Latest Quarterly Report
Ant Group, the financial technology entity founded by Jack Ma, has witnessed a significant downturn in its quarterly earnings, with a 92 percent reduction as it navigates through an economic downturn and enduring regulatory oversight. Based in Hangzhou, the company
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Hong Kong and China to Expand Cross-Boundary Digital Yuan Pilots
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) unveiled six policy measures to bolster financial cooperation between Hong Kong and Mainland China. Among these, two fintech-related initiatives stand out: the enhancement of cross-boundary credit referencing
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Nayapay, Alipay+ Boost Global Payments Into Pakistan
Pakistan’s financial platform, NayaPay, has partnered with Alipay+, managed by Ant International, aiming to enhance digital payment solutions and stimulate economic growth. NayaPay states that this collaboration will introduce QR codes compatible with RAAST and Alipay+ partners, enhancing foreign exchange
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Bank of East Asia Invests US$196 Million to Boost Fintech Innovation
The Bank of East Asia (BEA) officially opened its new BEA Tower in the Qianhai special economic zone, Shenzhen.The recent inauguration of the BEA Tower signifies a major advancement in the bank’s growth in the Greater Bay Area, emphasising wealth
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Ant Group Close to Acquiring Dutch Payments Firm MultiSafepay for US$200 Million
Ant Group, an affiliate of Alibaba Group, is in advanced negotiations to acquire Dutch payment company MultiSafepay. The deal, pending regulatory approval, is estimated to value MultiSafepay at approximately US$200 million according to a source. MultiSafepay, founded in 1999, specialises
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Cross-Border Payment Platform XTransfer Expands to 200+ Nations, Aids MSMEs
XTransfer, a cross-border trade payment platform from China, announced its international expansion to over 200 countries and regions worldwide. This follows the company’s launch in Hong Kong in 2023, with a recent entry into Vietnam. The company now serves micro,
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