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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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Hang Seng Bank Investigates Significance of Programmability in e-HKD CBDC Adoption
Programmability is a crucial feature for future payment innovation, an attribute which should be integrated into the e-HKD scheme should the central bank digital currency (CBDC) be issued, a new report by Hang Seng Bank and global management consulting firm
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CBDC: Hong Kong Furthers Digital HKD Ambitions
Hong Kong is working towards further integrating the digital yuan (e-CNY), unveiling last week a number of new initiatives designed to increase support of the central bank digital currency (CBDC) in the city. At the same time, the government is
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Hong Kong Wraps up First Phase of e-HKD Pilot Programme, Report Now Available
The Hong Kong Monetary Authority (HKMA) has published a report on the first phase of its e-HKD pilot programme which was first launched in November 2022. An e-HKD is a digital version of the Hong Kong dollar that is issued
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Ant Group CEO Eric Jing Says Digital Yuan Could Bring ‘Huge Synergy Effects’
Fintech giant Ant Group‘s Chairman and CEO has Eric Jing has come forward to express his support for e-CNY, China’s central bank digital currency (CBDC). The People’s Bank of China (PBoC) had begun the pilot trials of e-CNY in 2019
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Navigating the Challenges and Opportunities of Cross-Border Payments in APAC
In recent years, the payments industry has undergone a paradigm shift, altering the way consumers and businesses interact financially. According to a McKinsey report, the global payments sector is approaching a staggering revenue opportunity of nearly US$2 trillion. In the
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E-Wallets Hong Kong: Who’s Leading, Opportunities, and Challenges
Since their inception in 2016, e-wallets in Hong Kong which operate under Stored Value Facilities (SVFs) licensing have rapidly expanded, with the market now served by an intriguing mix of thirteen non-bank licensees, plus four traditional banks that also operate
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Ant Group Names Peng Yang as New President of International Business Group
Chinese fintech giant Ant Group has appointed its Peng Yang as the President of the company’s International Business Group (IBG). He succeeds Angel Zhao who is stepping down for personal reasons. Since the beginning of 2023, Ant’s IBG has seen
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HKMA Picks 16 Firms for Retail CBDC Pilot Programme ‘e-HKD’
The Hong Kong Monetary Authority (HKMA) has commenced its e-HKD Pilot Programme with a total of 16 firms selected from the financial, payment and technology sectors whom will participate in the first phase this year. The firms include Alipay HK,
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WeChat Broaden Digital Yuan Acceptance, Accelerating CBDC Adoption
China-based messenger app WeChat has announced that it has expanded digital yuan payments to its short video and mini-app platforms. This update is an extension of the e-CNY payments option that WeChat has already supported since early 2022. The move
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