On Feburary 22nd, the Credit Union, also known by its official name “Baihang Credit”, has finally received its business license from the government which is also the first individual credit checking license.

In 2017, the Chinese smartphone market saw its first ever decline, with -4% YoY growth in smartphone shipments and -4.9% YoY growth in smartphone sales.

On February 1st, Alibaba and Ant Finance jointly announced that, according to their strategic agreement signed in 2014, Alibaba will acquire 33% of Ant Finance’s shares through one of Alibaba’s subsidiaries.

In China, bar code payments (including QR codes) dominate the mobile payment market. Using a bar code to pay is easy, but comes with risks. In 2017, about RMB 90 million ($14 million) was stolen due to fraud. On December 25^th, 2017, the People’s Bank of China (the PBOC) released new regulation to standardize bar code payments. The regulation will come into effect from April 1^st, 2018.

On December 11^th, 2017, China Union Pay (CUP), together with over 30 commercial banks and payment institutions, launched a new version of its mobile payment APP, QuickPass (云闪付), starting a new battle in the mobile payment industry.

China Telecom and China Mobile, two of China's leading telecommunication companies, were approached by the Chinese government under a proposition to enter the Philippines telecommunications market. 

With Bitcoin recently hitting an all- time high of $14,000 USD on December 7^th 2017, many have been asking questions about whether the cryptocurrency’s price will continue to rise in the future or if it is simply a speculative bubble waiting to burst. The currency has risen by over $13,000 USD since the 1^st of January 2017, a remarkable, and for some unfathomable surge considering it has no tangible assets or value at its core.

It was reported on September 20th 2017 that 17 companies involved in the consumer finance sector had a net profit of 974 million Yuan for the first half of 2017, which was approximately the total net profit for all of 2016. This explosive growth has caused growing concerns amongst regulators who are considering ways to implement a crackdown on the industry.

Since Chinese online micro lending companies Qudian and Paipai Dai have gone public on the New York Stock Exchange (NYSE), the government has been closely following the development of the micro-credit industry. Scrutiny has fallen not only their business model but also on their high revenue, which specifically caught people’s eyes. The Ningbo Jinzhou Financial Office already shut down two micro lending institutions. On November 21, 2017, the General Office of the State Council issued an urgent notice on suspending approval on the establishment of internet small loan companies. With the arising attention around financial risks, could this be the end of the industry? 

Singapore’s PayNow and Thailand’s PromptPay are set to link their national digital payment systems, thereby making it easier to send money between the two countries.