China

PayPal Becomes First Foreign Payments Firm to Enter China Through Acquisition of GoPay

American online money transfer firm PayPal recently secured approval from the People’s Bank of China to purchase a stake in local payments firm GoPay. Paypal acquired 70% GoPay for an undisclosed sum and the transaction is expected to be closed

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4 Reasons Why China’s Central Bank is Launching a Digital Currency

Blockchain and cryptocurrencies have been all the rage these past years. Now even central banks are looking to launch their own digital currency. So-called central bank digital currencies (CBDCs) differ from traditionally digital currencies like bitcoin and ether in the

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Tencent’s WeChat Pushes for Mainstream Adoption of Facial Recognition Payment

China has been quick to embrace facial recognition, a technology that’s already being used for making payments at numerous shops, supermarkets and restaurants. The latest development in the field comes from China’s Internet giant Tencent, which showcased last month, at

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China Lays Out 6 Key Fintech Focus for the Next 3 Years

The People’s Bank of China (PBOC), the country’s central bank, has released a three-year fintech development plan that aims to improve the quality of financial services, strengthen regulation on technology-driven innovations, and prevent financial risks. China wants to make its

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How Tencent is Trying to Fill China’s US$805 B Insurance Gap Using Social Media

Over the past years, China’s Internet giant Tencent has been expanding its strategic positioning in the insurance industry. The Chinese firm’s latest move has been to lead Xiaobang Guihua’s RMB 200 million (US$28.4 million) Series B equity funding round in

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Alibaba and Tencent among The First To Receive China’s Cryptocurrency, Sources Say

Alibaba, Tencent, China Construction Bank, Bank of China, Industrial Bank of China, Agricultural Bank of China, and Union Pay is amongst the first organizations to receive and interact with China’s cryptocurrency, according to an unconfirmed report by Forbes. A separate

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A Look Behind the Technology Gameplan of China’s Insurtech Giant, ZhongAn

ZhongAn Online one of the leading insurtech companies in China, announced today its first six months interim results as of 30 June 2019. By harnessing the latest technologies, ZhongAn Online continues to integrate technology into every process in the insurance

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Banks in China Are Increasingly Partnering with BigTechs

2019 has been undeniably the year of Chinese commercial banks/tech companies collaborations. Incumbents have been actively pursuing partnerships with tech firms to drive fintech adoption as part of their digital strategies. Meanwhile, Chinese Internet giants have begun shifting their focus

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China’s New Cryptocurrency to be Tested in Shenzhen

China’s State Council and the Central Committee of the Communist Party of China have released a detailed plan for wide-ranging reforms to be implemented in Shenzhen. The new guideline, released last week, outlines Beijing’s plan to turn Shenzhen into “one

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How China’s Virtual Banks Are Offering Loans to Micro-Businesses Within Minutes

In China, online lenders are filling the credit gap, leveraging cutting edge technology including artificial intelligence (AI) to make lending decision in just a second. E-commerce giant Alibaba’s MyBank and Internet conglomerate Tencent’s WeBank, have dramatically changed the domestic financial

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