Monday, January 25, 2021
Tags Payments sector

Tag: Payments sector

Payments Companies Banned from Servicing Virtual Currency Transactions

Chinese financial regulators are ratcheting up their crackdown on virtual currencies with the launch of a strict prohibition on payments companies providing services for...

PBOC Lifts Centralised Customer Deposit Ratio for Online Payment Companies

The Chinese central bank has announced that it will raise the centralised customer deposit ratio for payment companies to roughly 50% from around 20%...

Central Bank Bans Use of Barcodes by Payments Sector for Securities Business

The Chinese central bank is cracking down on the use of barcode technology technology by payments companies to covertly engage in other forms of...

Central Bank Squeezes Payments Sector with License Cancellations

The People's Bank of China has revoked the licenses of nine non-bank payment organisations for various abuses including misappropriation of funds and license abuses On...

China UnionPay Expands Services to Type II, III Bank Accounts

China UnionPay has just launched a new mechanism for hooking up with type II and type III bank accounts, in a move that is expected to shake up the...

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Tencent Drops Advertising Veteran Lau Seng Yee from Roster of Top Executives

Chinese tech giant Tencent has removed a veteran advertising executive from the line-up of its senior-most personnel, as online companies in China...

Ant Group and Others Engage in Monopoly Conduct, But “Regulatory Discussions” Will Not Affect Normal Development: CBIRC

The Chinese banking regulator has sought to reassure the broader market that China's business environment for private enterprises will not be adversely...

Chinese Banks See Net Profits Decline 1.8% in 2020

China's banking sector saw a sizeable decline in its net profits for 2020 amidst the adverse economic impacts of the COVID-19 pandemic....

Tencent Expects Cloud Computing to Be Essential Infrastructure for Finance, Domestic Market to Soon Hit 80B Yuan

A senior executive from Chinese tech giant Tencent forecasts that cloud computing will be a key area of development for China's fintech...