China

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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41 Fastest Growing Fintechs in China According to IDC

IDC Financial Insights released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing FinTechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based

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TransferWise Partners with Alipay for Instant Online International Money Transfers

 TransferWise, today announced a partnership with Alipay, to provide its users with fast, affordable and convenient international money transfers to China. According to World Bank stats, China is projected to be one of the top remittance recipient countries in the

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Alipay Announces Three-Year Plan to Take On WeChat’s Mini Programs

Alipay, a leading mobile payment platform operated by Ant Financial Services Group, today announced a three-year plan to further open up its platform to support the digital transformation of 40 million service providers across China. The plan marks a major

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Chinese Fintech Attracted Investments of Over US$ 900 Million in 2H 2019

Fintech companies in China attracted USD 962.2 million in investments from venture capital, private equity and M&A in 2H 2019, resulting in a total of USD 4,479 million in investments for the whole of 2019, according to KPMG’s Pulse of

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