Alipay


China bans micro-lenders from 'fleecing' college students 

China bans micro-lenders from 'fleecing' college students

(ATF) China has banned micro-lending firms such as Jack Ma’s Ant Group from granting consumer loans to college students in a bid to prevent more than 30 million students across the mainland from falling into debt traps.The ban strikes another blow against online micro-lending platforms, including Ant Group’s Huabei and …

Continue reading

China’s new payment rules draw the line for Alipay, WeChat Pay

China’s new payment rules draw the line for Alipay, WeChat Pay

(ATF) China's central bank unveiled draft rules for online payment firms on Wednesday that say companies that have abused their dominance in the payment sphere will be forced to split up. Criteria specified by the rules has triggered red flags for both Alipay and WeChat Pay.This follows the regulators’ issuance …

Continue reading

PayPal 'no threat' to Alipay but export payments already $700m

PayPal 'no threat' to Alipay but export payments already $700m

(ATF) PayPal, which recently took full control of Chinese payment service provider Guofubao Information Technology Co Ltd – GoPay – is in no position to compete with Alipay or WeChat Pay in China’s domestic market, sources close to the firm say. PayPal is likely to continue to focus on cross-border …

Continue reading

Trump Chinese app ban complicates Biden's China policy

Trump Chinese app ban complicates Biden's China policy

(ATF) US President Donald Trump has signed an executive order which aims to ban transactions on eight Chinese software applications, including Ant Group’s Alipay, citing national security concerns.The move seeks to increase pressure on China before the Biden administration takes office, but it may hamper incoming President Joe Biden’s attempts …

Continue reading

Trump order to ban Alipay is latest headache for Biden, China

Trump order to ban Alipay is latest headache for Biden, China

(ATF) US President Donald Trump has signed an executive order which aims to ban transactions on eight Chinese software applications, including Ant Group’s Alipay, citing national security concerns.The move seeks to increase pressure on China before the Biden administration takes office, but it may hamper incoming President Joe Biden’s attempts …

Continue reading

Chinese court may rule on legality of firms keeping facial database

Chinese court may rule on legality of firms keeping facial data

(ATF) A Chinese law professor has filed an appeal after winning a facial recognition case against a safari park in eastern China’s Hangzhou city, asking the court to rule that the park’s collection of people's facial images is illegal. In the meantime, a spokesperson from China’s legislature told Chinese media …

Continue reading

India's app ban deals another trade blow to China

India's app ban deals another trade blow to China

(ATF) India dealt another blow to China on Tuesday by banning a third batch of its apps.The Ministry of Electronics and Information Technology (MEITY) blocked access to 43 additional Chinese apps, including the popular online retail portal AliExpress, owned by Jack Ma's e-commerce giant Alibaba Group."This action was taken based …

Continue reading

Answers to rampant rumours about the digital yuan

Answers to rampant rumours about the digital yuan

(ATF) Speculation about China’s digital yuan has been rife all year. At present, the digital yuan is being tested in Shenzhen, Suzhou and other places, but to most of the country's 1.4 billion people it is still a mystery.In the China Financial Stability Report (2020) released on November 6, the …

Continue reading

Payment, e-commerce sites come under Beijing competition scrutiny

Payment, e-commerce sites come under Beijing competition scrutiny

BEIJING/SHANGHAI: China on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms, a move that will increase scrutiny on e-commerce marketplaces and payment services belonging to the likes of Alibaba Group. China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent …

Continue reading

China suspends huge Ant listing over regulatory concerns

China suspends huge Ant listing over regulatory concerns

(ATF) The Shanghai Stock Exchange has suspended the huge stock listing of Ant Group amid concern that investors have not been given proper notice about major regulatory changes announced on Monday.The bourse decided to push back the $34-billion listing originally set to take place in Hong Kong and Shanghai this …

Continue reading