Payments News

On The Web

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Global

China Strengthens Supervision and Interconnection of Payment Environment

“The People’s Bank of China (PBoC) has punished 1,436 banks and payment institutions and issued fines totaling 1.13 billion yuan ($176 million) since 2016, said Fan Yifei, the Deputy Governor of PBoC at the 10th China Payment and Clearing Forum held at the end of September. In addition, the PBoC has guided 22 payment institutions […]
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Global

Huawei Cranks up Mobile Payments Effort to Diversify Its Operations

“Chinese telecommunications giant Huawei Technologies Co , beset by US trade sanctions that have weakened its core smartphone business , has started to ramp up operations of its mobile payments service after acquiring a nationwide licence. This development enhances Huawei’s position, according to analysts, to become one of the major third-party digital payments providers in […]
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Global

Big Tech’s ‘walled Gardens’ Start to Crack As Tencent Vows to Obey Beijing

“Chinese internet giant Tencent Holdings said it will follow a regulatory order to unblock online links after China’s industry ministry ordered internet companies to open up their platforms to each other, signalling the demise of Big Tech’s “walled gardens”. The Ministry of Industry and Information Technology (MIIT) has been giving guidance to internet companies as […]
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Companies

AmEx Deepens Its Ties in China Via an Acquiring Agreement With Leshua Technology

“U.S. payments networks continue to cultivate their connections to what is for them a potentially massive market in China. In the latest development, Leshua Technology announced early Friday it will support acquiring for American Express Co.’s joint venture in China. AmEx last year became the first foreign payments company to win approval to clear domestic transactions […]
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Global

China Says Measures Applied to Ant Group to Be Imposed on Other Payment Firms

“China’s central bank said on Thursday that anti-monopoly measures applied to e-commerce giant Alibaba’s (9988.HK) financial technology affiliate Ant Group will also be imposed on other payment service companies. China suspended the planned $37 billion listing of Ant Group in November amid growing concerns over banks using third-party technology platforms like Ant for underwriting loans […]
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Global

China Warns Large Tech Firms As Industry Faces Rising Oversight

“China is reining in the ability of the country’s internet giants to use big data for lending, money-management and similar businesses, ending an era of rapid growth that authorities said posed dangers for the financial system. On Thursday, China’s central bank and other regulators ordered 13 firms, including many of the biggest names in the […]
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On The Wires

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Global

PayMyTuition Supports Strategic Expansion in China With Selection of Fiserv to Enable Local Payment Methods for Overseas Services

“PayMyTuition, a leading provider of technology-driven global payment processing solutions for tuition payments, is supporting a strategic expansion in China with the selection of Fiserv to facilitate tuition payments for Chinese students attending colleges and universities overseas. Fiserv will enable PayMyTuition to accept payments using locally preferred methods and then settle the payment with the […]