China

China’s National Digital Currency Project Enrolls Over 20 Companies as Partners

Support and adoption of the Chinese national digital currency project, the Digital Currency Electronic Payment (DCEP), is accelerating with now more than 20 companies having joined as partners. Only eight firms were originally announced, including four state-owned banks (Industrial and

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Technical Analysis and the Fintech Market in Hong Kong

Hong Kong is a bustling hub of FinTech activity. A core market in Asia, Hong Kong is also central to global FinTech operations. In 2020, the largest component of FinTech activity in Hong Kong is digital payments solutions, valued at

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Ant Group Unveils New Blockchain Brand AntChain

Ant Group, a leading provider of financial services technology, and the parent company of China’s largest mobile payments business Alipay, today officially launched AntChain, a new technology brand for the company’s blockchain-based solutions that also aggregates other digital technologies including

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Ant Group Plans a Concurrent Listing in Shanghai and Hong Kong’s Stock Exchange

Ant Group, the parent company of China’s largest mobile payments business Alipay and leading provider of financial services technology, today announced that it has commenced the process of a concurrent initial public offering (“IPO”) on the Shanghai Stock Exchange’s STAR

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Ping An Bank Ranks 46th on Top 1000 World Banks

Ping An Insurance (Group) Company of China, Ltd. announced that its subsidiary Ping An Bank Co., Ltd. (“Ping An Bank”) ranks 46th on the list of The Banker’s Top 1000 World Banks which is up nine places from last year.

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Alipay Maintains Dominance in China Over Tencent’s WeChat Pay and QQ Wallet

A new report by iResearch Consulting Group indicates that the total size of third-party mobile payment transactions in China reduced by 4% for the first time in the first quarter of 2020 to compared to the same period last year

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Alibaba’s Online Bank Unveils Five-Year Plan to Acquire More SME Customers

MYbank, the digital bank under Ant Group (formely known as Ant Financial) which is part of the Alibaba Group, today announced a five-year plan to reach more small and micro enterprises (SMEs) across China via supply chain finance and rural

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American Express Granted Clearing License for China’s US$ 27 Trillion Market

American Express announced that its joint-venture in mainland China, Express (Hangzhou) Technology Services Company Limited (“Express Company”), has received approval from the People’s Bank of China (PBOC) for a network clearing license. With this, American Express becomes the first foreign

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How WeChat Pay Determines If You Are Trustworthy With Their Credit Score

WeChat Pay, Tencent’s mobile payments system integrated into the WeChat super-app, has told its users that it will be giving them a credit rating, called “Payment Points.” The system leverages artificial intelligence (AI) and uses users’ data collected from the

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Ant Financial’s MYBank Reports Nearly Doubling of SMEs Served in 2019

MYbank, an online private commercial bank under Ant Financial Services Group, stated in its annual report released today that it has served 20.87 million small and micro businesses in China as of the end of 2019. As part of the

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