Owner of Hong Kong robo-advisor Aqumon lands Alibaba-backed $30m
Aqumon offers B2C and B2B solutions.
China
Chinese regulator approves Hong Kong leg of Ant’s $30bn IPO
The company still needs approval from the Hong Kong stock exchange’s listing committee.
Chinese lender Lufax set for US IPO despite Trump’s delisting plans
The IPO could raise between $2 billion and $3 billion.
Global card spend grows 13% in 2019, mostly down to China’s UnionPay
That’s according to a new report by Retail Banking Research (RBR).
Sibos 2020: CBDCs must compensate for Big Tech failures
“Those in the private sector definitely have their own lifecycle,” says PBOC.
Sibos 2020: Chinese central bank processes CBDC worth $162m in 2020
Some 113,300 personal digital wallets have been opened.
Does Europe really need its own Big Tech?
Almost a third of consumers find the idea of banking with a Big Tech appealing.
Citigroup first US bank to snag Chinese custody licence
Citi China can now open up custodian banking services.
China’s wealthiest turn to crypto to transfer $50bn in assets abroad
Stablecoin Tether has accounted for 93% of stablecoin usage across East Asia in recent years.
Chinese insurtech Waterdrop raises $230m & plans US IPO
Known as Shuidihuzhu in China, its Series D round was led by Swiss Re and Tencent.
China culls almost 6,000 P2P lenders in industry crackdown
A two-year programme has left only 29 firms in the country.
China expands digital currency experiment across major cities
More than 400 million people are able to trial the digital system.
Chinese regulators consider AliPay and WeChat antitrust probe
The People’s Bank of China is serious about curbing the giants’ dominance.
WeLab Bank launches in Hong Kong
The challenger is offering users a numberless debit card.
Catering to China’s small-time exporters
Bill Deng, CEO of XTransfer, unpacks how banks have snubbed a large number of long-tail customers.
Mastercard extends cross-border services in China with Bank of Shanghai
Businesses can use Mastercard to transfer to “any local bank” in China.
Morgan Stanley blocks remote network access for China interns
Its decision to deny remote access to its China-based interns makes it an outlier among its US peers.
Chinese fintech Lufax targets $3bn in US IPO
Sources highlight that political tensions between the US and China could affect its listing plans.
China Bohai Bank plans IPO worth $1.7bn
Chinese commercial bank buoyed by good 2019 results.
Taking stock of China’s COVID-19 payments processes
If you think COVID-19 has largely been a boon to real-time payment in China, think again.
Alibaba’s Ant plans Hong Kong IPO
“It is looking at selling between 5% and 10% of its shares in an IPO,” according to sources.
MoneyGram makes another move into South Korea
The remittance firm wants a “leading” position in South Korea’s P2P remittance market.
Chinese lenders suffer two bank runs in a week
China has relied on these local lenders amid the coronavirus crisis.
American Express first foreign credit card player to launch in China
AmEx won initial approval in 2018 for a bank card clearing licence in China.
China’s largest bank rolls out more deposit services with Alipay
Alipay has been collaborating with ICBC since March 2005.
UBS to set up fintech venture fund to speed up its digitisation
The bank will make investments between $10 million and $20 million.
WeChat to offer credit scoring to its 600m users
Th Big Tech will attribute “payments points” to determine a “trust” value.
UBS vies for Chinese digital bank licence
The rules are designed to ease foreign access to China’s financial market.
Tencent buys 5% stake in Aussie fintech Afterpay
It puts Afterpay at a market capitalisation of more than AUD 8 billion ($5.1 billion).
Singtel’s NCS and NETS to develop electronic payments platform for central banks
The firms will also create a “next-generation” suite of central banking products.
Chinese tech giant Huawei to launch new consumer credit card
Chinese manufacturer borrows a selection of Apple Card features for new product.
Top 10 coronavirus initiatives by governments and regulators
A brief overview of how governments and financial regulators have reacted to coronavirus.
China calls on banks to lend more aggressively to small businesses
Analysts say cheaper loans will help the broader Chinese economy weather the current slowdown.
Will Asia’s Big Tech European expansion stick?
Asia’s mega funding rounds make Europe’s look like child play.
Wirecard expands ecommerce partnership with WeChat Pay
European merchants can integrate WeChat Pay “in just a few minutes”.
TransferWise teams with Alipay in latest Asian expansion
TransferWise customers just need the recipient’s name and Alipay ID.
Step aside China, it’s Southeast Asia’s turn in the spotlight
The region is full of promise and possibility for investors and entrepreneurs alike.
Alipay plans digitisation for 40 million Chinese service providers
The move marks a shift in the business from financial to digital services.
China leads the way in adoption of ISO 20022 for payments
PBOC published its ISO 20022 migration plan as long ago as 2011.
Is the future of banking not open but closed?
Europe and USA have to create their own ecosystems to compete with the East.
