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Singapore’s Central Bank Calls Blockchain ‘Fundamental’ Tech to Change Financial Services

Singapore’s central bank is counting on blockchain, along with artificial intelligence, to serve as “fundamental” technologies that will help transform financial services, according to a senior official.

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Fund Transfers Between Alipay and WeChat Pay Around the Corner as Hong Kong Launches Faster Payments Service

Hong Kong customers of Alipay and WeChat Pay, the two dominant cashless payment operators in China, the world’s largest internet market, will be able to transfer funds from each other for the first time, through the Hong Kong Monetary Authority’s Faster Payment System.

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UnionPay Launches Cross-border Mobile Payment Service in Hong Kong, Macau

China UnionPay has become the first card payment processor to offer a cross-border QR code payment service to holders of cards issued by Hong Kong and Macau banks without an onshore bank account as it faces intensifying competition from the likes of Alipay and WeChat Pay.

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Cryptocurrency Traders in China Find Ways to Get Around State Regulators

Industry observers are certain that Chinese investors will always find ways to circumvent increasingly tightening controls over cryptocurrency trading by mainland authorities, making it practically impossible to ever impose a complete shutdown on trading.

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How WeChat Became China’s No 1 Super-app

Many people outside China either still haven’t heard of WeChat or they think it’s the country’s equivalent of popular messaging service WhatsApp or social media giant Facebook. For many people in China, WeChat is much more – it is not an overstatement to say it’s an indispensable part of their everyday lives.

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Tightening Regulations Makes Fintechs Easy Takeover Targets

Embattled financial technology businesses in China, which have come under tightened regulatory scrutiny, are becoming acquisition targets by mainland banks accelerating their digitalisation drive, according to global management consultancy McKinsey.

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Bank of East Asia Joins the Mobile Payments Race as Traditional Lenders Challenge Tech Firms

Bank of East Asia has become the latest lender to join the mobile payments fray in Hong Kong with the launch on Monday of the first all-in-one electronic payment platform for merchants. At present, restaurants and shops that accept credit cards and other forms of mobile payment have to install different devices to process each […]

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People’s Daily Calls for Mobile Payments Companies to Tighten Consumer Protection Measures

People’s Daily, the ruling Communist Party’s mouthpiece, on Friday published an article calling for mobile payments providers to strengthen security measures to help users get back their funds if they mistakenly transfer money to the wrong account or send an incorrect sum.

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