Tag "china"

Mastercard’s Entry into China Paints of Picture of China’s Market Liberalisation

Mastercard was granted preparatory approval from the People’s Bank of China (PBOC) to begin setting up a domestic bankcard clearing institution in China, the company announced on February 11. The news is significant for Mastercard, which has been looking to

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3 Ways China’s Bigtechs are Helping to Tackle the Coronavirus Crisis

In the midst of the global health crisis involving the novel coronavirus (2019 nCoV), China’s bigtechs including Tencent and Ant Financial, the financial affiliate of e-commerce giant Alibaba, have deployed solutions and set up financial aid programs to help combat

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China Releases Facial Recognition Payment Guidelines Amidst Growing Privacy Concerns

Amid growing adoption of facial recognition payments, the Payment & Clearing Association of China has released self-discipline guidelines aimed at tackling associated risks, reports Chinese media outlet Caixin. The guidelines detail several principles related to user consent and data collection

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Embedded Finance Crucial for Future of Fintech

Technology is transforming the banking and financial services industry and this is just the beginning. As the sector moves towards open banking and APIs, banks will need to collaborate with fintechs to remind relevant and address the many challenges arising,

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Why China Leads the World in Blockchain Development and Adoption

Blockchain has become a national priority for China both in the public and private sector. This is further accelerated thanks in part to president Xi Jinping who recently proclaimed the technology as an important breakthrough. Efforts to launch a central

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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

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Understanding What’s Behind China’s Booming Insurtech Scene

In 2013, ZhongAn was established as the first online-only insurance company in China. Since then, the insurance industry has undergone tremendous changes driven by advances in technology. China’s insurance market has grown rapidly over the past few years. In 2017,

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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

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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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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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