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On September 4th, Urjit Patel officially became the new central bank chief in India. He succeeded Raghuram Rajan, who was famous for largely stabilising the economy during his three year term. Under Patel's leadership, the Reserve Bank of India (RBI) is expected to continue the current policy regime.
The recent introduction of offline mobile banking apps in India underlines the determination by both government and private banks to push financial inclusion in India and is a strong signal that India is ready to embrace fintech and innovation to solve complex problems within its banking network.
China's internet finance, or fintech, sector has had a busy couple of years as the industry has developed to be a critical part of the financial industry as a whole. Yet, the developments have been somewhat imbalanced. While areas like digital payments and asset management grew and matured, others like credit scoring fell behind. On September 9th, China's National Internet Finance Association (NIFA) finally launched their digital Credit Information Sharing platform, which really brings credit scoring into the fintech fold in China.
Over the past year, China's National Development and Reform Commission had been defining and refining the new payment card merchant fees. These came into effect on September 6th. The requirements have a range of implications, and are impacting the industry already.
Leaders of the world's largest economies gathered at the G20 summit in Hangzhou, China this past week. For the first time, 'Green Finance' was written into the agenda among other topics. Clearly, there is more that we could do as a global society to manage climate and environment change, a fact recognised by many of the attendees. The effort also showed China’s determination to move towards a low carbon and more sustainable development track.
Xiaomi, the well-known Chinese technology focused electronics company, has announced the launch of its payment services “MI Pay”, which is in cooperation with China Union Pay, the biggest Bankcard Association in China. The official launch date is September 1st. After Apply pay, Samsung Pay, Xiaomi is yet another mobile company joining the competition with Alipay in the third-party payment industry in China.