China

Ant Financial and US-Based Vanguard to Offer Investment Advisory for Retail Consumers

Vanguard, the $5.9 trillion U.S.-based asset manager, and Ant Financial Services Group, Alibaba’s fintech arm, announced a partnership to bring a new streamlined and broadly-available investment advisory service to retail consumers in China. Combining Alipay’s technology and Vanguard’s expertise in

Read More

The Greater Bay Area is Home to 43 Unicorns Valued at a Combined US$1.1 Trillion

The Guangdong-Hong Kong-Macau Greater Bay Area (GBA) is home to 43 unicorns valued at a combined US$1.1 trillion. These unicorn focus on five key industries: e-commerce, healthtech, robotics, fintech and biotech, according to a new whitepaper by WHub, Hong Kong’s

Read More

China’s P2P Lending Sector Is Coming to an End

Every peer-to-peer (P2P) lending platforms in China must become small loan providers within two years, according to an official notice issued by China’s Internet Financial Risk Special Rectification Work Leadership Team Office. It also states that all outstanding loans must

Read More

Tourist in China Can Finally Use Alipay, Here’s How

China’s leading mobile payments platform Alipay announced that its services are now finally available to international travelers in China. Tourists visiting China will now be able to download and use the app during the trip giving them access to Alipay’s

Read More

Banks in China Risk Losing US$60 Billion in Payments Revenue to Fintechs by 2025

As much as 13% of banks’ payments revenue in China, or US$61 billion, is likely to be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new

Read More

President Xi Jinping Fuels China’s Renewed Appetite For Blockchain

China’s appetite for blockchain has surged after Chinese president Xi Jinping proclaimed the technology as an “important breakthrough” and said “greater effort should be made to strengthen basic research and boost innovation capacity.” The Communications Industry Association, an affiliate of

Read More

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

Read More

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

Read More

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

Read More

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

Read More