China

DBS Group Holdings Increases Private Banking Team in Hong Kong by 25%

DBS Group Holdings is hiring additional private bankers in Hong Kong as the bank continues to attract significant funds from mainland China and Taiwan. The North Asia business head, Sebastian Paredes, disclosed that the number of clients acquired from mainland

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XTransfer and TerraPay Partner to Enhance Cross-Border Payment Solutions for SMEs

XTransfer, a B2B cross-border trade payment platform in China, has partnered strategically with TerraPay, a global money movement company. This partnership aims to improve payment solutions for small and medium-sized enterprises (SMEs) involved in international trade by providing secure, compliant,

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China and Thailand Sign MoU to Promote CBDCs

The Bank of Thailand has signed a memorandum of understanding (MoU) with China to advance the development and usage of Central Bank Digital Currencies (CBDCs). This partnership aims to promote cross-border payments and enhance financial cooperation between the two countries

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Harvest CEO Plans to Bridge Crypto ETFs to Mainland China via Stock Connect

During the recent Bitcoin Asia conference at the Kai Tak Cruise Terminal, Han Tongli, CEO and Chief Investment Officer of Harvest Global Investments, discussed potential future developments for cryptocurrency investments in China. Harvest CEO Han Tongli mentioned that the company

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Hong Kong and Shenzhen Launch Pilot Cross-Boundary Data Validation Platform

The Hong Kong Monetary Authority (HKMA) and Shenzhen authorities have initiated the pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform.  This platform employs blockchain technology and data coding, such as hash values, to verify documents without the need for transferring

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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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