China
Mastercard’s Joint Venture Secures Bank Card Clearing License in China
Mastercard NUCC, a joint venture between Mastercard and NetsUnion Clearing Corporation, has been issued a bank card clearing license by the People’s Bank of China (PBOC). This development follows a thorough review process in line with the State Council’s decision
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Hong Kong, China, and Macao Ink MoU to Deepen Fintech Cooperation
The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have signed an MoU to deepen fintech innovation supervisory cooperation in the GBA. Under the MoU, the three authorities agreed to
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Alibaba Cloud to Soon Enable 3 Salesforce Solutions for Chinese MNCs
Alibaba Cloud announced that Salesforce Sales Cloud, Service Cloud, and Salesforce Platform will become available on its platform starting 18 December 2023. The partnership enables companies in China, especially multinational companies, to use Salesforce’s powerful CRM tools on Alibaba Cloud,
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Thunes and China Construction Bank Partner for Cross-Border Payments
Global cross-border payments infrastructure network Thunes and China Construction Bank (CCB) have announced a partnership to collaborate on cross-border payments. Thunes had recently opened a Beijing office in June 2023. The partnership will enable Thunes to support CCB in offering
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Chinese Payments Firm Fuiou Pay Ties up With Visa Cross-Border Solutions
Shanghai-based global payment company Fuiou Pay has partnered with Visa Cross-Border Solutions to provide its China-based SME exporter clients with a comprehensive, secure cross-border funds collection and settlement solution. The Visa Cross-Border Solutions (VXBS) combines the best of Visa’s homegrown
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Citi Inks Deal to Sell Consumer Wealth Business in China to HSBC
Citi announced that it has agreed to sell its onshore consumer wealth portfolio in China to HSBC Bank. The transaction includes clients, assets under management (AUM) and deposits totaling approximately US$3.6 billion. The deal is expected to close in the
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Leading Chinese Social Media Platform Removes Accounts of 80 High-Profile Crypto Influencers
Weibo, one of the China’s biggest social media platforms, has removed the accounts of 80 popular influencers promoting cryptocurrencies, citing breach of local laws put in place to curb speculative trading and the promotion of cryptocurrencies, the South China Morning
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Nuvei Expands Presence in Asia Pacific with New China Hub
Nuvei, the Canadian fintech company, has established a new operational hub in China, reinforcing its presence in the Asia-Pacific (APAC). Philip Fayer, Nuvei Chair and CEO commented, “We’re excited to announce our new office in China as we continue expanding
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Ant Group CEO Eric Jing Says Digital Yuan Could Bring ‘Huge Synergy Effects’
Fintech giant Ant Group‘s Chairman and CEO has Eric Jing has come forward to express his support for e-CNY, China’s central bank digital currency (CBDC). The People’s Bank of China (PBoC) had begun the pilot trials of e-CNY in 2019
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6 Young, Fast-Growing Fintech Startups from Mainland China to Watch
Mainland China has emerged as a hub of innovation and rapid growth in the fintech sector, with several firms such as the Ant Group, WeBank and Lufax leading the way in transforming the financial landscape. These companies have captured attention
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