April 02, 2019 - Apr 03, 2019|
ASIFMA - New Technologies & Operational Challenges - HK
April 24, 2019 - Apr 25, 2019|
July 02, 2019 - Jul 03, 2019|
Moneylive APAC 2019
September 23, 2019 - Sep 26, 2019|
Sibos 2019 - London
October 27, 2019 - Oct 30, 2019|
Money 20/20 USA
November 11, 2019 - Nov 15, 2019|
Singapore Fintech Festival
December 04, 2019 - Dec 06, 2019|
Money 20/20 China Hangzhou
Prior to joining the WTO, the knowledge and experience of bank staff in Chinese banks was not an issue. Most domestic banks were very inwardly focused on their core domestic business and staff had the capabilities to match. However, as more and more SOEs were either listed or entered into partnerships with foreign multi-nationals, the requirements of domestic companies changed and expanded. No longer was it a case of simply domestic business - China had gone global. The issue then became staff experience and capabilities and as most Chinese banks didn't have the experience in-house, so they looked west.
In recent years, with the development of information technology and the demand of innovation in the micropayment market, China’s commercial prepaid card industry has grown rapidly. By the end of 2009, the total funds of prepaid cards in circulation reached 1,093 billion Yuan, with 1.75 billion transaction volume and a stored value totaling nearly 40 billion Yuan, according to a report filed in July 2010 by China Union Loyalty Co Ltd, a Shanghai-based provider of prepaid cards.
Frequently companies issue press releases talking about a new agreement or MOU with a Chinese financial institution or market player. As Chinese companies globalize and more foreign companies setup offices in China, announcements like these are becoming more common, it is worth taking a minute to reflect on what MOUs or agreements actually mean both inside and outside of China.
Anyone who has lived long enough has their own China banking story. Mine was when I first arrived many years ago. My landlord banked with Bank of China (BOC) and I banked with the Industrial Commercial Bank of China (ICBC). At that time (2004), personal bank to bank transfers weren’t possible without a tremendous amount of paperwork, so once per month I would have to directly pay my rent via withdrawal / deposit. As banks typically closed at around 5pm, this meant it was a weekend exercise and one not easily accomplished.
This week we are attending the Sibos Toronto event which is put on by SWIFT. The event is arguably the largest financial services event in the world, bringing together banks, technology vendors and industry thought leaders.