cnbc

Alipay’s Parent Company Says Tech Services – Not Payments – Will Be Its Main Business in the Future

Alibaba affiliate Ant Financial’s core business in the future will be technology services, rather than just payments, its CEO told CNBC in an exclusive interview. Ant Financial runs one of China’s largest mobile payments platform, called Alipay, which has more than 700 million annual active users. It’s Ant Financial’s main business currently.

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Central Banks Should Consider Issuing Digital Money, IMF’s Lagarde Says

Central banks should consider issuing digital currencies as money faces a historic turning point, according to IMF Managing Director Christine Lagarde. In a speech at the Singapore Fintech Festival on Wednesday, Lagarde highlighted the changing nature of money as demand for physical cash decreases around the world.

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This Chart Shows How Cryptocurrency Mining on Your Own Is No Longer Profitable

Cryptocurrency mining isn’t what it used to be. Last year, the mining process of earning new cryptocurrencies using high-powered computers, then selling those digital assets, became a profitable side business for savvy entrepreneurs who set up the mining rigs in their basements and dorm rooms.

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Alibaba Sets New Singles Day Record With More Than $30.8 Billion in Sales in 24 Hours

Alibaba on Sunday tore through last year’s Singles Day sales record, racking up more than $30.8 billion in the 24-hour shopping event. Gross merchandise value (GMV), a figure that shows sales across the Chinese e-commerce giant’s various shopping platforms, surpassed last year’s $25.3 billion record at around 5:34 p.m. SIN/HK (4:34 a.m.

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Technology Is Shaking Up the Financial Industry and Big Banks Are Struggling to Adapt

Pedigrees, some stretching back centuries, are of little use to global banks unless they aggressively adapt to new financial technologies. That’s long been true, but the pace of innovation means financial juggernauts now face what one top executive likened to a mass extinction event.

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Bitcoin Turns 10 – How It Went From an Abstract Idea to a $100 Billion Market in a Decade

Bitcoin went from an anti-establishment fad on the internet to a multibillion-dollar market in just 10 years. Its underlying technology, blockchain, is being embraced by banks such as J.P. Morgan and tech giants such as Amazon and Facebook.

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Visa CEO: Cryptocurrencies Are Not a Big Threat but ‘If We Have to Go There, We’ll Go There’

Cryptocurrencies do not pose a threat to Visa in the near term, but the credit card giant is prepared to implement crypto-friendly systems if the digital currencies become more established, Visa CEO Al Kelly told CNBC on Thursday.

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HTC Launches Its Blockchain-focused Phone, but You Can Only Buy It in Cryptocurrency

HTC unveiled its flagship blockchain-focused smartphone on Tuesday, the Exodus 1, as the struggling manufacturer looks to shift its strategy to focus on new technology. The Taiwanese phone maker said it developed its own cryptocurrency wallet called Zion to make its new phone function as a hardware cryptocurrency wallet.

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Fintech Won’t Drain Money Away From Banks, Regulators Say

The rise of financial technology – more commonly known as fintech – won’t threaten the existence of banks and it’s the responsibility of authorities to make sure that traditional lenders are prepared for changes in their industry, policymakers and regulators said in a CNBC-moderated panel Thursday.

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Square Expands Its Bank-like Offerings

Payments start-up Square is encroaching on even more of traditional banks’ territory. The San Francisco-based tech company announced Thursday it will let businesses using Square’s payment network give customers the option to break big payments up, into smaller, fixed, monthly ones.

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Mobile Bank N26 Launches in the UK and Plans US Expansion by Early 2019

German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a […]

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Blockchain Could Be a $7 Billion Market and a Major Boost to Amazon, Microsoft, Says BofA

Blockchain adoption will eventually be a multi billion-dollar opportunity for tech companies like Amazon and Microsoft, according to new estimates from Bank of America.

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