On The Web

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Global

China Creates Its Own Digital Currency, a First for Major Economy

April 6 2021

• in
• Central bank digital currencies (CBDC)
• China

“A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat […]

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Global

China Charges Ahead With a National Digital Currency

March 1 2021

• in
• Central bank digital currencies (CBDC)
• China

“Annabelle Huang recently won a government lottery to try China’s latest economics experiment: a national digital currency . After joining the lottery through the social media app WeChat , Ms. Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around $30. To spend it, she […]

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Global

China Fintech Curbs That Hit Ant Were No Surprise: Ping An

March 1 2021

• in
• China

“China’s curbs on fintech that thwarted a massive stock sale by Ant Group Co. have been under consideration for years and weren’t a surprise to those in the industry, according to an executive at China’s biggest insurer by market value. Like Ant, Ping An Insurance (Group) Co. was in the midst of planning a public […]

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Domains

Chinese Consumers Now Make Three Mobile Payments Every Day

February 8 2021

• in
• China
• Mobile Payments

“Chinese consumers made an average of three mobile payments a day during 2020, while 98% of the Chinese population consider mobile payments to be their most frequently used transaction method, an increase of five percentage points on last year, a new survey reveals. The number of consumers making mobile payments using a QR code also […]

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Global

China Issues New Anti-monopoly Rules Targeting Its Tech Giants

February 8 2021

• in
• China

“China’s market regulator released new anti-monopoly guidelines on Sunday that target internet platforms, tightening existing restrictions faced by the country’s tech giants. The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on.”

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Global

China Plans Tougher Antitrust Rules for Non-bank Payments Industry

January 20 2021

• in
• China

“China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay. Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up […]

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Domains

TikTok Owner ByteDance Launches Douyin Pay, Mobile Payment Service for China

January 19 2021

• in
• China
• Mobile Payments

“Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China. “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said […]

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Companies

PayPal Becomes First Foreign Firm in China With Full Ownership of Payments Business

January 14 2021

• in
• China
• PayPal

“PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the U.S. fintech giant eyes a bigger foothold in a booming market for online payments. PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao […]

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Global

Jack Ma’s Ant Group Slashes Credit Limits for Some Younger Borrowers in China

December 23 2020

• in
• China

“The move signals that the fintech giant is dialing back risk in its lending business following pressure from Chinese regulators.”

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Global

WSJ News Exclusive | Jack Ma Makes Ant Offer to Placate Chinese Regulators

December 21 2020

• in
• China

“The offer, not previously reported, appeared a mea culpa of sorts from Mr. Ma as he found himself face to face with officials from China’s central bank and agencies overseeing securities, banking and insurance. The Nov. 2 meeting took place a few days before Ant was supposed to go public, in what would have been […]