On The Web

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Global

China Will Reportedly Break up Ant Group’s Alipay and Force Creation of New Loans App

September 13 2021

• in
• China

“Beijing plans to break up Ant Group’s Alipay and create a separate app for the fintech giant’s loans business, according to a Financial Times report on Monday . Regulators previously ordered Ant to split the businesses of AliPay from lending businesses Huabei and Jiebei. They now want the credit businesses to be split into an […]

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Companies

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

September 3 2021

• in
• American Express
• China

“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

WSJ News Exclusive | Alibaba and Tencent Consider Opening Up Their ‘Walled Gardens’

July 19 2021

• in
• China

“Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are considering moves to gradually open up their services to one another, as Beijing’s tech crackdown makes it harder for China’s two online giants to maintain the virtual barriers they have built in recent years. That would mark a big shift for China’s consumer internet, which has […]

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Global

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

July 12 2021

• in
• China

“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

April 30 2021

• in
• China

“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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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 […]

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

May 26 2021

• in
• Acquirers
• China

“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 […]