HSBC on track to hire 1,000 wealth managers in Asia before year end
In 2020, the bank’s Asian business reported $12.8 billion in profits.
China
PayPal to avoid Chinese competition with new cross-border wallet
US giant aims to create a bridge into China with its new service.
Tencent suffers $65bn market value blow, analysts put fintech business at “zero”
Tencent, like Ant, holds a financial foothold in China which rivals banks.
Fintech funding deals globally 15-21 February 2021
Featuring Public, Webull, Blockchain, GoCardless, and Personetics.
Huawei to acquire Xunlian Zhipay for its payments licence
The deal is yet to be officially announced.
Ant plans for IPO as it reaches restructure deal with regulators
Ant has until November 2021 to register a new financial holding.
TikTok’s Chinese version Douyin adds payments app
Douyin Pay (Douyin Zhifu) has been added to the app’s options.
Ant sets up working group to overcome Chinese regulatory requirements
Companies like Ant have until November 2021 to register a new financial holding.
Trump bans transactions through Chinese apps including Alipay
The applications have 45 days to prepare for the ban.
JP Morgan in talks with China Merchants Bank over another wealthtech venture
JP Morgan already holds a majority stake in a Chinese venture.
China’s central bank issues Ant Group ultimatum after blocked IPO
The Peoples’ Bank of China wants Ant to overhaul its business or face the consequences.
Chinese regulator continues to clamp down on dominant fintech players
The CBIRC’s Liang Tao warned fintech lenders at a conference in Beijing this week.
Hong Kong and China pair up on digital currency experiment
The two have joined with Thailand to promote commerce in Southeast Asia.
Owner of Hong Kong robo-advisor Aqumon lands Alibaba-backed $30m
Aqumon offers B2C and B2B solutions.
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.
