PREMIUM — This year #Chinese #investment in #fintech is making a comeback. In the first quarter this year alone, Chinese fintechs collected $ 1.1 billion in investment, up from around $ 200 million in 2017, according to data from Fintech Global. Much of this growth was fueled by a $ 650 million series A funding raised by OneConnect, a […]
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With global #remittances expected to grow by more than 4% this year, providers are utilizing mobile and other digital technologies to ensure sending money between countries is easier than ever. China, the world’s most populous country, has citizens all over the world, and huge amounts of money are flowing back and forth, which should make […]
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While those of us in the U.S. experiment with Venmo or Apple Pay, #payments in China have reached the point where even large transactions are routinely processed via the smartphone, even #tuition payments. #Western #Union, which operates a money transfer service in the region via a partnership with #Chinese payment solutions provider Geoswift, has allowed […]
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#Chinese company #Baidu is in talks with prospective investors for the purpose of raising $ 2 billion in funding focused on expanding its weight in #financial #services, Reuters reported yesterday. The #search #engine, which operates the online payments service Baidu Wallet (which provides credit and wealth management services on its platform), is looking for investors that […]
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#Mobile #payments have been a major trend in 2017, especially for China. This comes as no surprise, with China’s expanding tech-savvy middle class causing e-commerce apps such as Alipay, WeChat and e-commerce mammoth JD.com to grow tremendously over the latter quarters of 2017. According to a report released by internet research firm Analysys yesterday, the […]
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#Chinese law makers suspended #regulatory approval for new micro-lenders in the region on Tuesday, as well as restricted new approvals, issuing a notice on the matter yesterday that sent U.S.-#listed Chinese stocks tumbling. The “top tier” government body’s notice told provincial governors to halt approval for new #online micro-lenders, according to a report by Reuters. […]
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#Chinese insurance company ZhongAn Online Property and Casualty Insurance, which boasts a customer base of 500 million people, has obtained approval to open an initial public offering (IPO) on the Hong Kong stock exchange. China’s first online-only insurance company hopes that the IPO will raise as much as $ 1.5 billion USD. This would make it […]
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India may overtake China as the world’s leader in #fintech service adoption, according to a report released by Ernst & young, entitled EY FinTech Adoption Index 2017. The report analyzes different nations’ fintech usage in five categories – money transfer and payments, borrowing, savings and investment, financial planning and insurance – to determine not only […]
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A representative of #Fosun #Group, which, at $ 13.1 billion, is China’s largest private investment #conglomerate, has confirmed that it has invested “tens of millions of yuan,” or multi-millions of US dollars, into a Shanghai-based startup responsible for a local #blockchain #technology platform. This company, known as Onchain, was founded in Shanghai in 2014. In addition […]
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Ant Financial’s premium payment service has arrived in yet another market: Spain. Spanish retailers will now support #Alipay capability in their stores thanks to an #agreement between Ant and Spanish bank #BBVA, the companies announced today. The ability is primarily directed for #Chinese tourists in the country that wish to continue to pay with the […]
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