This article is by: Decrypt.com
Read more about it here: China's banks are racing to adopt blockchain
An excerpt from Decrypt.com
"The People’s Bank of China (PBOC) will soon test its blockchain-based digital currency payments system in the cities of Shenzhen and Suzhou, according to a report Chinese financial news outlet Caijing this Monday.
Seven state-owned companies—four commercial banks and three telecom firms—will help PBOC to conduct the test. The central bank has even initiated a kind of “horse race” between banks to encourage the submission of new implementation strategies, according to an anonymous source who is close to the project.
The pilot program will focus on such areas as education, transportation, medical care and commerce. Some of the banks will reportedly cooperate with telecom companies to develop SIM cards with built-in digital wallets, while others are developing their own wallet apps."
This article is by: Business Insider
Read more about it here: China just made it easier than ever for foreigners to invest — and it's the latest sign the nation is trying to open up its financial system
An excerpt from Business Insider:
China removed a major hurdle for foreign investors on Tuesday in the nation's latest attempt to open its financial system to the rest of the world.
The State Administration of Foreign Exchange said global funds will no longer require quotas to invest in Chinese equities and bonds. The regulator also removed a $300 billion cap on foreign investment into its financial markets. Only about $111 billion of the cap had been used as of August 30, according to Bloomberg.
The move is seen as an effort by the Chinese to attract more foreign buyers into its stock and bond markets.
This article is by: The Guardian
Read more about it here: Asian billionaires embark on UK spending spree as pound nosedives
An excerpt from The Guardian:
China and Hong Kong’s super-rich buy up everything from skyscrapers to private schools. Chinese companies have made 15 big acquisitions in the UK so far this year, spending £6.75bn ($8.3bn) – already more than the $6bn spent on 23 deals last year.
Among the UK firms sold to the Chinese or facing takeover bids so far this year:
- The money transfer company WorldFirst was sold to Ant Financial, reportedly for £520m.
- The billionaire Zhang Lei’s Hillhouse Capital picked up Loch Lomond Distillers for £400m.
- The Chinese conglomerate Fosun International, which was founded by the Chinese billionaire Guo Guangchang, owns Wolves FC and is in talks to buy the 178-year-old package holiday operator Thomas Cook.
Chinese companies are also looking at buying up more of the UK’s private schools. Harrow and Dulwich College have long-established Chinese outposts, five UK schools opened up in China last year and another nine are expected this year.
This article is by: Technode
Read more about it here: Alipay expands footprint in Africa with Flutterwave tie-up
An excerpt from Technode:
Chinese e-commerce giant Alibaba has partnered with Silicon Valley and Lagos-based fintech fintech startup Flutterwave to provide digital payments for African merchants using Alipay, TechCrunch reported.
The partnership allows the Hangzhou-based firm the opportunity to expand its merchant network in Africa. With the partnership, Flutterwave’s 60,000 merchants will be able to accept Alipay as a payment method and tap into the platform’s vast pool of over 1 billion users, according to CEO Olugbenga Agboola.
This article is by: South China Morning Post
Read more about it here: HSBC sets up US$880 million technology fund to find the next Tencent or DJI in southern China’s Greater Bay Area
An excerpt from South China Morning Post:
As companies are looking to cash in on the potential of uniting the infrastructure and development of the Greater Bay Area, HSBC said on Tuesday that it is creating a US$880 million technology fund to provide financing to early stage companies in the region.
In 2018, the GBA was home to nearly 120 million people and had a combined gross domestic product of US$1.6 trillion, making it larger than Australia if it were a stand-alone economy. The China Centre for International Economic Exchanges, a government-affiliated think tank, has estimated that the region’s GDP could exceed US$4 trillion by 2030.
This article is by: Finanz Nachrichten
Read more about it here: WeChat Pay's European Flagship Smart Airport to open at Amsterdam Airport Schiphol accelerating spread of WeChat ecosystem overseas
An excerpt from Finanz Nachrichten:
"This launch of the WeChat Pay European Flagship Smart Airport at Amsterdam Schiphol is another important milestone for WeChat Pay to establish its ecosystem in Europe. From this hub on the European continent, we will continue to deepen the application of WeChat Pay's smart solutions in all walks of life across the region." (Dave Fan, Senior Director of WeChat Pay)
Schiphol sets WeChat Pay experience zones within the airport to provide assistance to Chinese travellers, and also has its merchants ready for WeChat Pay as one of their mobile payment methods.
Many Chinese people are used to going out without their wallets, and WeChat Pay aims to provide the same convenient experience to them when they travel abroad.
This article is by: Visual Capitalist
Read more about it here: The World’s Most Valuable Bank Brands
An excerpt from Visual Capitalist:
When most people think about brands, they often picture iconic consumer marks like Coca-Cola or Apple. But in the realm of financial services, the importance of having a strong consumer brand is also rapidly growing. (...)
For the third year in a row, the Industrial and Commercial Bank of China (ICBC) takes the top spot, with a brand value of $79.8 billion. Wells Fargo is the top U.S. bank by brand value, coming in 5th place – however, the bank actually fell two spots from last year’s ranking while simultaneously losing 9% of its brand value.
It is also interesting to note that Chinese banks have taken all four of the top spots on the list, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China having a combined brand value of over $250 billion. In total, Chinese banks grow 28%, achieving US$407 billion in total brand value, over US$100 billion more than US banks. For 5 years, the ascent of Chinese banks over time is rocketing. (...) Now, the 4 first banks in the top 5 are Chinese.
This article is by Channel News Asia
Read more about it here: Commentary: A rising middle class and emerging tech giants - China’s decade of sweeping economic change
An excerpt from Channel News Asia:
“The Chinese authorities remained dedicated to their long-term plan to revise the country’s growth model, by shifting away from exports and towards domestic consumption. In fact, the Global Financial Crisis in 2008 served to strengthen that commitment, as it underscored the risks of China’s dependence on foreign demand. This commitment has paid off. Over the last decade, many millions of Chinese have joined the middle class, which is now 200 to 300 million strong. .”
“Thanks to such efforts – together with mergers and acquisitions to acquire key technologies and lucrative infrastructure investments in developed economies – China’s economy almost tripled in size from 2008 to 2018, with GDP reaching 90 trillion yuan (US$13.6 trillion).”
“With an average net worth of US$139,000 per person, this group’s total spending power could amount to over US$28 trillion, compared to US$16.8 trillion in the United States and US$9.7 trillion in Japan.”
This article is by South China Morning Post
Read about it here: China’s US$7 billion railway link to Laos is almost half done, on schedule to begin service in 2021
An excerpt from South China Morning Post:
"China’s railway line to Laos, a 414km (257 miles) link between the Yunnan’s provincial capital of Kunming and the Laotian capital Vientiane, is almost half complete, putting it on schedule to begin service in December 2021, said the chief of Lao Railways.
Trains on the line can travel at up to 160 km/h (100mph), cutting the travelling time between the two cities to three hours from three days, said Lao Railways’ director general Somsana Ratsaphong. Tickets will start from US$20 a trip."
This article is by Visual Capitalist
It is about The total foreign direct investment globally
Read about it here: Map: Foreign Direct Investment by Country
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