Displaying items by tag: alipay

The leading enabler of digital commerce across the Middle East and Africa region, Network International, made an agreement with Tencent Holdings Limited in February 2020 that will enable millions of Chinese tourists to transact through Network International’s extensive UAE merchant network with their WeChat mobile wallets.

The largest merchant acquirer in the United Arab Emirates, Network will perform as a settlement partner or acquirer as well as solution provider in order to enable mobile-based transactions via WeChat Pay at points of sale as well as for online purchases.

Published in Asia Payments Research

The fintech arms of Chinese internet giants Alibaba and Tencent have fought each other to a standstill in their home market. Together, Ant Financial (through its e-wallet Alipay) and WeChat Pay each hold about 90% of China's US$25 trillion mobile payments market, each with roughly an equal share. The duopoly looks stable for now. 

Vanguard hopes to break into the China market through its new partnership with Ant Financial. The two giants announced a joint venture on December 16, 2019, a financial roboadvisor service with an initial investment of approximately 20 million yuan (USD$2.86 million). Individuals with a minimum investment of 800 yuan (USD$115) may access the service, where they could build their investment portfolios from over 5,000 mutual funds offered by Ant Financial.

Published in Asia Payments Research

Alipay and WeChat Pay have been on a torrid expansion streak, setting up shop everywhere from Southeast Asia to Middle America. The digital wallets of Alibaba and Tencent seem intent on taking their battle for the wallet share of Chinese consumers global.

In Nepal, which is popular with Chinese visitors, the fintech giants got a little ahead of themselves. By facilitating payments by Chinese tourists in renminbi at Alipay and WeChat points of sale, the companies allowed the transactions to bypass the Nepalese banking system in violation of local law and prompted a stern rebuke from Nepalese regulators.

Published in Asia Payments Research

The WeChat super app is perhaps the best example of a made-for-China digital ecosystem that struggles beyond the Great Firewall. It's essential in China for communication with colleagues and friends, ride hailing, day-to-day purchases and online banking. WeChat puts all that and more at your fingertips - and it's not like you have a choice anyway. The competition is blocked. But outside the Chinese mainland - where there are lots of other messaging apps - WeChat's only good for one thing: keeping in touch with people back there.

Published in Asia Payments Research

Formerly one of Asia's poorest countries, Bangladesh has made remarkable economic progress in recent years. Today, it has a higher GDP per capita than its neighbor Pakistan as well as Cambodia and Myanmar. This year, it is likely to be Asia's fastest growing economy: The Asian Development Bank forecasts annual GDP growth to reach 8%, while the World Bank expects growth of 7.3%.

Yet the development of Bangladesh's financial sector has not kept pace with that of the overall economy. Among the country's 163 million people, 75% (122 million) are unbanked. Smartphone penetration, meanwhile, is forecast to reach 75% by 2021, while the population is young and open to mobile banking. Cash still accounts for 94% of transactions, according to the United Nations, while no credit or debit card companies have established a significant presence. Therein lies a strong opportunity for fintechs.

Published in Asia Banking Research

China's Big Four state-owned banks, renowned for their massive market capitalization and close ties to the Chinese government, have long played a key role in the PRC's traditional financial system. An important challenge they - Bank of China (BOC), Industrial and Commercial Bank of China (ICBC) China Construction Bank (CCB) and Agricultural and Commercial Bank of China (ACBC) - face today is developing a digital-first strategy. Among the four, only CCB has has set up a dedicated fintech unit.

Published in Asia Banking Research

In less than a decade, Alibaba and Tencent have built the world's foremost mobile internet ecosystem in China. Their success derives from both innovative business models and unflappable determination. To be sure, they arrived at the right time - the rise of smartphones - but good timing isn't enough to prevail in a market as cutthroat as China's. Of course, Alibaba and Tencent also haven't had to contend with foreign competition. Would they have been as successful without the Great Firewall?

Published in Asia Banking Research

Years ago, traditional POS machines only provided basic processing that were more convenient than cash transactions, but provided little help when it came to sales analysis. Smart POS started gaining traction in 2014 and grew rapidly as merchants juggled many different payment channels. A smart POS can process QR code, bank card, Quick Pass, as well as analyze business data, maintain membership details and combine online–offline sales. In December, UnionPay and Alipay both launched new acquiring products.

During the Internet Security Summit in Beijing on August 21st, Ant Financial announced the official upgrade for the security control of its digital payment platform – Alipay. The more secured process is achieved through what is called a 'Delayed Payment' (DP) function.

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