https://www.scmp.com/rss/517958/feed The latest news, analysis and opinion on UnionPay. In-depth analysis, industry insights and expert opinion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Leopold Chen Leopold Chen Mandatory e-payment in Hong Kong taxis could attract more residents and visitors to use the service, as about 90 per cent of drivers are ready to meet the requirement ahead of its implementation next month, an industry representative has said. Ryan Wong Cheuk-pong, chairman of the Hong Kong Taxi Council, said on Tuesday that drivers could also benefit from e-payments by reducing disputes over fares and no longer worrying about a lack of change. “E-payments have become a trend, and many residents... https://www.scmp.com/news/hong-kong/transport/article/3346042/e-payments-attract-more-riders-cut-fare-disputes-hong-kong-taxi-industry?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3346042/e-payments-attract-more-riders-cut-fare-disputes-hong-kong-taxi-industry?utm_source=rss_feed Tue, 10 Mar 2026 03:46:01 +0000 Ralph Jennings Ralph Jennings China’s travel industry is expecting a sharp increase in visitors to Australia during this month’s extended Lunar New Year holiday, as millions of tourists fan out across the world for a nine-day break. Industry insiders said the lure of wine, seafood, nature and flexible small-group itineraries was driving interest in the island country. Australia is projected to attract “the most travellers from China” during the break, with bookings likely to more than double over last year’s total, according... https://www.scmp.com/economy/china-economy/article/3343560/great-barrier-reef-calling-chinese-tourists-make-australia-lunar-new-year-hotspot?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343560/great-barrier-reef-calling-chinese-tourists-make-australia-lunar-new-year-hotspot?utm_source=rss_feed Sat, 14 Feb 2026 08:00:17 +0000 Danielle Popov Danielle Popov The founder and CEO of diversified investment group Freedom Holding, Timur Turlov, sees a boost in cross-border e-commerce activity between China and Kazakhstan, following a recent cooperation agreement signed in Beijing. Freedom Bank, part of Nasdaq-listed Freedom Holding, last week entered into an agreement with virtual payment provider Verum Payments and UnionPay Business, a unit of the Chinese state-owned financial services firm UnionPay, to support the development of Kazakhstan-China... https://www.scmp.com/tech/tech-trends/article/3325080/china-kazakhstan-economic-cross-border-e-commerce-ties-grow-freedom-holding-ceo?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3325080/china-kazakhstan-economic-cross-border-e-commerce-ties-grow-freedom-holding-ceo?utm_source=rss_feed Wed, 10 Sep 2025 23:00:08 +0000 Coco Feng Coco Feng Apple has started testing Douyin Pay as a new mobile payment service on its China App Store, according to mainland media reports, while purportedly leaked images of the iPhone 17 stirred up discussion on Chinese social media this week. Once tests are completed, Douyin Pay is expected to serve as the fourth payment platform on the mainland App Store, after Ant Group’s Alipay, Tencent Holdings’ WeChat Pay and state-run China UnionPay, according to reports on Tuesday by online local media IThome... https://www.scmp.com/tech/big-tech/article/3321744/apple-eyes-douyin-pay-mainland-app-store-while-iphone-17-leak-stirs-online-debate?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3321744/apple-eyes-douyin-pay-mainland-app-store-while-iphone-17-leak-stirs-online-debate?utm_source=rss_feed Wed, 13 Aug 2025 13:00:10 +0000 Wency Chen Wency Chen Huawei Technologies has unveiled a software tool designed to accelerate inference in large artificial intelligence models, an advancement that could help China reduce its reliance on expensive high-bandwidth memory (HBM) chips. Unified Cache Manager (UCM) is an algorithm that allocates data according to varying latency requirements across different types of memories – including ultra-fast HBM, standard dynamic random access memory and solid-state drive – thereby enhancing inference efficiency,... https://www.scmp.com/tech/tech-war/article/3321578/tech-war-huawei-unveils-algorithm-could-cut-chinas-reliance-foreign-memory-chips?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3321578/tech-war-huawei-unveils-algorithm-could-cut-chinas-reliance-foreign-memory-chips?utm_source=rss_feed Tue, 12 Aug 2025 09:00:10 +0000 Danielle Popov Danielle Popov Huawei Technologies is set to unveil a technological breakthrough that could reduce China’s reliance on high-bandwidth memory (HBM) chips for running artificial intelligence reasoning models, according to state-run Securities Times. The announcement will take place in collaboration with China UnionPay at the 2025 Financial AI Reasoning Application Landing and Development Forum in Shanghai on Tuesday, according to the report on Sunday. The event aims to promote AI reasoning models and... https://www.scmp.com/tech/big-tech/article/3321442/tech-war-huawei-unveil-tech-cut-chinas-reliance-hbm-chips-report-says?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3321442/tech-war-huawei-unveil-tech-cut-chinas-reliance-hbm-chips-report-says?utm_source=rss_feed Mon, 11 Aug 2025 10:01:06 +0000 Julie Zhang Julie Zhang Hong Kong-based LianLian Global is reaping the dividends of its foray into the Middle East, as the digital payment provider’s solutions have made life easier for the region’s small and medium-sized enterprises (SMEs) to deal with partners in mainland China. Foreign companies can process payments quickly through LianLian Global’s network that caters to about 6 million Chinese suppliers, manufacturers and exporters. LianLian Global is the international unit of Hong Kong-listed LianLian... https://www.scmp.com/business/banking-finance/article/3314620/hong-kong-based-lianlian-global-bridges-china-middle-east-payment-gap-fintech-tool?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3314620/hong-kong-based-lianlian-global-bridges-china-middle-east-payment-gap-fintech-tool?utm_source=rss_feed Mon, 16 Jun 2025 09:53:34 +0000 [The content of this article has been produced by our advertising partner.] Since the introduction of the Outline Development Plan for the Greater Bay Area (GBA) five years ago, the Guangdong Provincial Tax Service has formulated 35 measures and an innovative mechanism to support the free-trade zone in expanding tax reforms. So far, 27 measures have been implemented in the Guangdong Free Trade Zone. Promoting talent flow with preferential tax policies According to Macau resident Chen Cailing,... https://www.scmp.com/presented/special-reports/topics/gba-development-plan-fifth-anniversary/article/3255078/expanding-tax-reforms-fuel-gbas-market-integration?utm_source=rss_feed https://www.scmp.com/presented/special-reports/topics/gba-development-plan-fifth-anniversary/article/3255078/expanding-tax-reforms-fuel-gbas-market-integration?utm_source=rss_feed Mon, 18 Mar 2024 10:47:20 +0000 China’s vow to offer greater acceptance of cash and overseas bank cards represents a “positive step” to attract visitors and investments, but more is still needed to address economy and security concerns, analysts and business associations said. The State Council on Thursday promised to improve policy support to optimise payment methods, which has been a hurdle for foreigners in a market dominated by domestic players. It also pledged wider support for currency exchange services for the elderly... https://www.scmp.com/economy/china-economy/article/3254683/chinas-payment-vow-positive-step-visitors-foreign-investment-economy-and-security-concerns-remain?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3254683/chinas-payment-vow-positive-step-visitors-foreign-investment-economy-and-security-concerns-remain?utm_source=rss_feed Sat, 09 Mar 2024 00:00:14 +0000 China and Russia are in “close dialogue” over international payments processing after a Chinese bank was reported to have stopped transactions with Russia for fear it would be sanctioned. Russian deputy foreign minister Andrey Rudenko said problems regarding payments between China and Russia “will be solved”, Russian news agency Tass reported on Friday. Rudenko said a number of Chinese banks had “refrained from banking activities” with Russia due to “fears of sanctions” but he did not think... https://www.scmp.com/news/china/diplomacy/article/3251675/chinese-banks-refrained-dealing-russia-over-sanctions-fears?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3251675/chinese-banks-refrained-dealing-russia-over-sanctions-fears?utm_source=rss_feed Sun, 11 Feb 2024 13:00:13 +0000 More Hong Kong taxis will start accepting cashless payments as a fare settlement system will be available as early as April under a trial scheme, but passengers using the service may have to pay an extra fee in the future. Developers of the “CabCab” meter, which cost at least HK$10 million (US$1.3 million) and was financed by the Innovation and Technology Fund, on Wednesday said it would be tested on 100 red and green taxis under a pilot scheme in March, before accepting cashless payments as... https://www.scmp.com/news/hong-kong/transport/article/3250456/more-hong-kong-taxis-accept-cashless-payments-starting-april-passengers-may-have-pay-extra?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3250456/more-hong-kong-taxis-accept-cashless-payments-starting-april-passengers-may-have-pay-extra?utm_source=rss_feed Wed, 31 Jan 2024 10:42:29 +0000 Shanghai businesswoman Zhong Zhouyan was caught unprepared when she realised the taxi she entered at Hong Kong International Airport on New Year’s Eve only accepted cash payments. She took the MTR instead, paying for her train ride to her hotel in North Point using mainland China’s popular e-payment platform WeChat Pay. “I had HK$200 on me, but I didn’t expect that taxis would not accept mainland QR wallets that I heard were getting more popular in Hong Kong,” said the 34-year-old online store... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249798/hard-believe-hong-kong-lagging-behind-e-payments-octopus-card-and-cash-keep-grip-shoppers-merchants?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249798/hard-believe-hong-kong-lagging-behind-e-payments-octopus-card-and-cash-keep-grip-shoppers-merchants?utm_source=rss_feed Fri, 26 Jan 2024 00:30:09 +0000 Peers of renowned Hong Kong plastic surgeon Dr Wilson Ho Wai-sun, who was killed in a taxi crash in Wan Chai on Sunday night, have expressed sorrow over his death while recognising his contributions to the cosmetic surgery sector. Those who were saddened by the news included a survivor of the deadly Pat Sin Leng hill fire in 1996, who remembered the doctor for being kind and caring during his painful treatments in hospital almost 20 years ago. Ho, 59, and a female passenger, 47, died after the... https://www.scmp.com/news/hong-kong/health-environment/article/3248672/distinguished-hong-kong-plastic-surgeon-killed-wan-chai-collision-credited-putting-city-map-industry?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3248672/distinguished-hong-kong-plastic-surgeon-killed-wan-chai-collision-credited-putting-city-map-industry?utm_source=rss_feed Tue, 16 Jan 2024 12:50:28 +0000 Hong Kong taxis with Octopus fare machines linked to mobile phones with an updated app will start accepting digital payments through two mainland Chinese QR code wallets, with the aim of providing convenience to residents and tourists from across the border. Octopus Cards Limited on Thursday said it would open up its payment networks for the first time in 26 years to UnionPay, Alipay and AlipayHK starting from January 25 for the taxi industry, which had long relied on cash transactions. “We hope... https://www.scmp.com/news/hong-kong/transport/article/3248129/hong-kong-taxis-octopus-fare-machines-accept-payment-through-unionpay-alipay-january-25?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3248129/hong-kong-taxis-octopus-fare-machines-accept-payment-through-unionpay-alipay-january-25?utm_source=rss_feed Thu, 11 Jan 2024 14:27:22 +0000 Singapore’s financial regulator has ordered remittance companies in the city state to halt the use of nonbank and non-card channels when sending money to China, following a fund-freeze scare. The three-month suspension, to start on January 1, follows reports that remittances to China through Singapore were frozen in their beneficiaries’ bank accounts in China by law enforcement agencies. The reason was unclear. Remittance companies have been directed to use only bank and card channels when... https://www.scmp.com/news/asia/southeast-asia/article/3245536/singapore-restricts-remittances-china-after-us10-million-funds-frozen?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3245536/singapore-restricts-remittances-china-after-us10-million-funds-frozen?utm_source=rss_feed Tue, 19 Dec 2023 03:01:09 +0000 China is set to start experimenting with a real-name verification system based on blockchain, which authorities say will allow internet users to log into online platforms without using their personal information such as phone numbers. China’s state-backed Blockchain-based Service Network (BSN) and the Ministry of Public Security’s First Research Institute together launched the Real-Name Decentralised Identifier (RealDID) system on Tuesday. The event was also attended by officials from the... https://www.scmp.com/tech/policy/article/3245028/blockchain-managed-ids-arrive-china-new-government-backed-scheme-aiming-reduce-data-leaks?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3245028/blockchain-managed-ids-arrive-china-new-government-backed-scheme-aiming-reduce-data-leaks?utm_source=rss_feed Thu, 14 Dec 2023 06:00:14 +0000 Iris Deng Iris Deng Tencent Holdings has partnered up with China’s three biggest telecommunications operators, allowing users of digital wallets from China Mobile, China Telecom and China Unicom to make payments by scanning WeChat QR codes, in the tech giant’s latest effort to improve interoperability of internet services under Beijing’s directive. “In recent years, WeChat Pay has continued to push for openness and interconnectivity with various organisations in multiple scenarios,” Tencent’s WeChat team said in an... https://www.scmp.com/tech/big-tech/article/3241195/tencents-wechat-ties-digital-wallets-chinas-big-telcos-latest-breach-mobile-payments-walled-garden?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3241195/tencents-wechat-ties-digital-wallets-chinas-big-telcos-latest-breach-mobile-payments-walled-garden?utm_source=rss_feed Sat, 11 Nov 2023 10:30:22 +0000 US lawmakers introduced a bipartisan bill on Wednesday aimed at barring federal agencies from using China-developed blockchain networks or doing business with related companies. The bill Creating Legal Accountability for Rogue Innovators and Technology (Clarity) Act, introduced by House Representatives Zach Nunn and Abigail Spanberger, prohibits the heads of executive-branch agencies from purchasing or signing new contracts for blockchain systems and services reliant on certain China-based... https://www.scmp.com/tech/policy/article/3240921/us-lawmakers-target-chinese-blockchains-bsn-conflux-bill-brings-tech-decoupling-web3?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3240921/us-lawmakers-target-chinese-blockchains-bsn-conflux-bill-brings-tech-decoupling-web3?utm_source=rss_feed Thu, 09 Nov 2023 13:30:12 +0000 A Hong Kong fintech platform is hoping to shake up the taxi industry and boost convenience for residents and visitors by bringing contactless payments to the city’s predominantly cash-only fleet. Wonder, billed as Hong Kong’s first fully digital all-in-one payment platform, will allow drivers to accept multiple forms of payment and let customers pay for taxi fares using their phones. “Wonder works more like a consolidated payment gateway that allows the merchant to accept payment from all... https://www.scmp.com/business/companies/article/3240385/hong-kong-fintech-player-aims-end-cash-only-taxis-payment-platform-accepting-visa-mastercard-alipay?utm_source=rss_feed https://www.scmp.com/business/companies/article/3240385/hong-kong-fintech-player-aims-end-cash-only-taxis-payment-platform-accepting-visa-mastercard-alipay?utm_source=rss_feed Sun, 05 Nov 2023 06:00:31 +0000 A Hong Kong taxi industry leader is pushing for cabs to install an all-in-one electronic payment system to break new ground in the cash-reliant trade, amid calls for transformation of the “old-fashioned” sector. Chau Kwok-keung, chairman of the Hong Kong Taxi and Public Light Bus Association, on Friday said he would spend more than HK$1 million (US$127,805) to offer free installation of the smart payment Taxi Pay system on a first come, first served basis. “The cash-reliant taxi trade is very... https://www.scmp.com/news/hong-kong/transport/article/3240355/old-fashioned-hong-kong-taxi-industry-leader-pushes-cabs-install-e-payment-system-amid-calls-digital?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3240355/old-fashioned-hong-kong-taxi-industry-leader-pushes-cabs-install-e-payment-system-amid-calls-digital?utm_source=rss_feed Sat, 04 Nov 2023 11:30:20 +0000 The new CEO of Hong Kong’s Octopus Group plans to gradually shift the stored-value payment service “from plastic to phone”, while also renewing efforts to better penetrate local markets where physical cash is still king. Tim Ying Tien-chi joined the company on August 1 and officially took over the helm from Angus Lee Chun-ming two months later. Ying was previously general manager of digital experience at Cathay Pacific Airways and chief product officer of another payment platform, PayMe, at... https://www.scmp.com/news/hong-kong/transport/article/3236390/new-ceo-hong-kongs-octopus-says-payment-service-must-shift-plastic-phone-and-vows-put-more-readers?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3236390/new-ceo-hong-kongs-octopus-says-payment-service-must-shift-plastic-phone-and-vows-put-more-readers?utm_source=rss_feed Sun, 01 Oct 2023 00:00:21 +0000 Chinese investors in Africa have traditionally looked to road and railway projects, dams, mines and oil. But that is starting to change, with a growing number investing in African technology and fintech in recent years. “There have been a lot of Chinese investors looking at Africa’s tech space. After all, Africa has 54 countries with over a billion people, there are many opportunities,” said Sandra Hua Yao, senior vice-president for Thunes. The Singapore-based fintech company is behind... https://www.scmp.com/news/china/diplomacy/article/3226727/why-growing-number-chinese-investors-are-looking-africas-tech-space?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3226727/why-growing-number-chinese-investors-are-looking-africas-tech-space?utm_source=rss_feed Thu, 06 Jul 2023 06:00:20 +0000 As Beijing baked under record summer heat on a Friday afternoon in June, Russian hotel and airlines representatives enthusiastically showcased their latest travel programmes tailored for Chinese clients. “You can find a cool summer in St Petersburg,” one of them told Chinese tour operators gathered in a downtown Beijing conference hall. “We have the very famous presidential suites, where President Xi Jinping stayed during his visit to Moscow,” said another, and a murmur rippled through the... https://www.scmp.com/news/china/diplomacy/article/3225993/russia-calling-chinese-tourists-find-red-carpet-laid-down-western-sanctions-bite?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3225993/russia-calling-chinese-tourists-find-red-carpet-laid-down-western-sanctions-bite?utm_source=rss_feed Fri, 30 Jun 2023 07:00:22 +0000 A Chinese boy who tried to collect “free gaming skins” from a live streamer ended up losing 20,000 yuan (US$2,800) to online scammers, reigniting concerns over game fraud and child mobile phone addiction in China. The 10-year-old, who lives in the countryside of central China’s Henan province and goes by the name Xiaoyu, was tricked into transferring money from his grandfather’s bank account on May 23, according to a report by local media outlet Henan Television on June 8. Xiaoyu said he was... https://www.scmp.com/news/people-culture/trending-china/article/3223958/nodding-head-blinking-and-opening-mouth-cost-chinese-boy-and-grandfather-us2800-online-free-gaming?utm_source=rss_feed https://www.scmp.com/news/people-culture/trending-china/article/3223958/nodding-head-blinking-and-opening-mouth-cost-chinese-boy-and-grandfather-us2800-online-free-gaming?utm_source=rss_feed Fri, 16 Jun 2023 01:00:09 +0000 Eric Ng Eric Ng Airwallex, the fintech unicorn backed by Tencent Holdings and tycoon Li Ka-shing’s Horizons Ventures, has secured a licence to offer online payment services in mainland China through an acquisition. The company, founded in Melbourne in 2015, said it obtained a payments business licence in China by way of acquiring 100 per cent of online payments and information services firm Guangzhou Shang Wu Tong Network Technology. The deal, approved by all relevant Chinese regulators, means Airwallex is now... https://www.scmp.com/business/article/3212728/li-ka-shing-and-tencent-backed-airwallex-secures-licence-acquisition-serve-worlds-largest-digital?utm_source=rss_feed https://www.scmp.com/business/article/3212728/li-ka-shing-and-tencent-backed-airwallex-secures-licence-acquisition-serve-worlds-largest-digital?utm_source=rss_feed Tue, 07 Mar 2023 23:30:16 +0000 Hong Kong’s home-grown digital payment platform Octopus Holdings plans to spend hundreds of millions in the coming years on technology and product development to bolster its competitiveness, the company’s new chairwoman has said. The company intends to double its investments and spend millions on consumption voucher offers, as well as marketing efforts for the government scheme, non-executive chairwoman Jeny Yeung Mei-chun told the Post on Monday, without revealing the amount. Yeung took up the... https://www.scmp.com/news/hong-kong/transport/article/3212702/hong-kongs-octopus-plans-double-investments-spend-millions-consumption-voucher-offers-new-chairwoman?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3212702/hong-kongs-octopus-plans-double-investments-spend-millions-consumption-voucher-offers-new-chairwoman?utm_source=rss_feed Tue, 07 Mar 2023 23:30:11 +0000 Much to Hong Kong’s excitement and following the long-awaited scrapping of the mask mandate on Wednesday, the Clockenflap Music and Arts Festival is finally happening this weekend, from March 3 to 5. Back after a four-year hiatus, this year’s edition is the first in Clockenflap’s 15-year history to completely sell out. As Hong Kong’s biggest international outdoor festival, Clockenflap has around 100 live acts, the 2023 iteration will host world-famous names such as Arctic Monkeys, The Cardigans,... https://www.scmp.com/lifestyle/entertainment/article/3211944/clockenflap-2023-guide-bands-food-and-drinks-all-you-need-know-about-hong-kongs-premier-music-and?utm_source=rss_feed https://www.scmp.com/lifestyle/entertainment/article/3211944/clockenflap-2023-guide-bands-food-and-drinks-all-you-need-know-about-hong-kongs-premier-music-and?utm_source=rss_feed Thu, 02 Mar 2023 10:15:12 +0000 ChatGPT? Sorry, but we’re not impressed. We had fanciful visions of being able to type a question into the chatbot that’s taking the world by storm and within seconds have a reply that could serve as a column, saving us hours of research and writing*. But no. We asked the website, “What must destinations around the world do to attract Chinese tourists?” and received a seven-point answer that included such pearls of wisdom as: offer visa-free or visa-on-arrival options; offer Chinese payment... https://www.scmp.com/magazines/post-magazine/travel/article/3208679/how-attract-new-wave-chinese-tourists-big-city-thrills-nighttime-activities-adventure-tourism-or-go?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/travel/article/3208679/how-attract-new-wave-chinese-tourists-big-city-thrills-nighttime-activities-adventure-tourism-or-go?utm_source=rss_feed Wed, 01 Feb 2023 04:18:28 +0000 Xinmei Shen Xinmei Shen Hong Kong-based Red Date Technology, the technical architect for China’s state-backed Blockchain-based Service Network (BSN), is collaborating on a new initiative that aims to make stablecoins and central bank digital currencies (CBDCs) interoperable in order to facilitate cross-border payments. Red Date and partners GFT, an IT solutions provider, and Toko, a digital asset creation platform, announced the launch of the Universal Digital Payments Network (UDPN) on Thursday at the World Economic... https://www.scmp.com/tech/tech-trends/article/3207599/chinas-state-backed-blockchain-project-aims-be-swift-stablecoins-and-central-bank-digital-currencies?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3207599/chinas-state-backed-blockchain-project-aims-be-swift-stablecoins-and-central-bank-digital-currencies?utm_source=rss_feed Sat, 21 Jan 2023 00:00:18 +0000 Shanghai, China’s primary commercial and financial hub, is banking on an electronic shopping coupon lottery to revive consumer spending and reclaim its pride as the mainland’s key economic growth engine. The municipal government is pinning hopes on 1 billion yuan (US$140.5 million) worth of retail vouchers to encourage its 25 million residents to buy goods and services. The coupons will be doled out in a lottery system in three rounds through November, it announced in August. The size of the... https://www.scmp.com/business/china-business/article/3194673/can-peanuts-save-shanghais-covid-ravaged-retail-sales-and?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3194673/can-peanuts-save-shanghais-covid-ravaged-retail-sales-and?utm_source=rss_feed Tue, 04 Oct 2022 04:30:08 +0000 China’s state-backed Blockchain Service Network (BSN) has officially launched Spartan Network, a blockchain infrastructure project aimed at getting businesses outside mainland China to adopt the distributed ledger technology without the involvement of cryptocurrencies. More than 10 companies in Hong Kong have become the service’s first batch of users, including traditional conglomerates such as Emperor Group, HSBC, Lan Kwai Fong Group and Maxim’s Group, BSN said at an event in Hong Kong on... https://www.scmp.com/tech/tech-trends/article/3191553/chinas-state-backed-architect-non-crypto-blockchain-makes-first?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3191553/chinas-state-backed-architect-non-crypto-blockchain-makes-first?utm_source=rss_feed Tue, 06 Sep 2022 11:05:25 +0000 Retailers and e-payment service providers in Hong Kong are putting up billions of dollars worth of offers and promotions to entice residents to spend the government’s latest consumption vouchers, including lotteries and exclusive opportunities to meet celebrities backstage. Financial Secretary Paul Chan Mo-po on Monday unveiled details of the long-awaited second round of handouts worth HK$5,000 (US$637). The government expanded the eligibility criteria to include an extra 300,000 people, many of... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3181621/consumption-vouchers-retailers-e-payment-service?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3181621/consumption-vouchers-retailers-e-payment-service?utm_source=rss_feed Tue, 14 Jun 2022 06:49:16 +0000 Ant Group, the fintech affiliate of Alibaba Group Holding, has granted billions of yuan in cash dividends to its shareholders for the first time since it brought in investors in 2015, according to Alibaba’s latest quarterly financial report. Ant’s dividends paid to Alibaba, which owns 33 per cent of the unicorn, amounted to 3.9 billion yuan (US$622 million), according to the earnings results of Alibaba, parent company of the South China Morning Post, published on Thursday. That means total... https://www.scmp.com/tech/big-tech/article/3179412/ant-group-grants-first-dividends-shareholders-jack-ma-chooses-not?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3179412/ant-group-grants-first-dividends-shareholders-jack-ma-chooses-not?utm_source=rss_feed Fri, 27 May 2022 11:00:27 +0000 China’s southern technology hub of Shenzhen is turning to subsidies to help boost consumption of a range of electronics and other products that include smartphones, laptops and drones, as the economy remains under pressure from Beijing’s strict zero-Covid-19 policy. Under the plan, consumers can receive subsidies of up to 15 per cent, for a maximum reimbursement of 2,000 yuan (US$300) per person, on purchases of specified products, according to an announcement jointly issued on Thursday by the... https://www.scmp.com/tech/big-tech/article/3179288/shenzhen-give-out-electronics-subsidies-huawei-oppo-vivo-products?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3179288/shenzhen-give-out-electronics-subsidies-huawei-oppo-vivo-products?utm_source=rss_feed Thu, 26 May 2022 10:30:25 +0000 Xinmei Shen Xinmei Shen China’s Blockchain-based Service Network (BSN) is building a version of the popular distributed ledger technology that is designed for use in international markets and will not involve cryptocurrencies like bitcoin or ethereum. A beta version of this new blockchain, called the BSN Spartan Network, is expected to be released on August 31, according to He Yifan, chief executive of Red Date Technology, at a BSN summit in Hong Kong on Tuesday. Start-up Red Date is BSN’s technical... https://www.scmp.com/tech/big-tech/article/3179004/chinas-state-backed-bsn-pushes-new-public-blockchain-network-unlinked?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3179004/chinas-state-backed-bsn-pushes-new-public-blockchain-network-unlinked?utm_source=rss_feed Tue, 24 May 2022 12:30:53 +0000 Ant Group, the fintech giant undergoing a restructuring in China at the behest of regulators, is recruiting 20 new positions in Singapore as the Chinese financial technology giant doubles down on expansion in the Southeast Asia region, according to an update posted on its LinkedIn page on Friday. It is one of the biggest Singapore hiring sprees for Ant, which is affiliated with South China Morning Post owner Alibaba Holding Group. Ant currently employs about 300 workers in the city state to run... https://www.scmp.com/tech/big-tech/article/3177602/ant-group-hiring-spree-singapore-ahead-digital-bank-opening-sources?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3177602/ant-group-hiring-spree-singapore-ahead-digital-bank-opening-sources?utm_source=rss_feed Fri, 13 May 2022 05:23:33 +0000 Ant Group, the financial technology affiliate of Alibaba Group Holding, on Monday said it has formed a strategic partnership with Singapore-based payments platform 2C2P under a deal that will see the Alipay operator become the firm’s majority shareholder. The move is expected to boost the payment options of Ant’s Alipay+, a cross-border digital payment service introduced in 2020, which can process a wide range of mobile payment methods from around the world. Alibaba owns the South China Morning... https://www.scmp.com/tech/big-tech/article/3174673/ant-group-take-over-singapore-based-payments-firm-2c2p-fintech-giant?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3174673/ant-group-take-over-singapore-based-payments-firm-2c2p-fintech-giant?utm_source=rss_feed Mon, 18 Apr 2022 10:57:51 +0000 Russia is turning to microchip manufactures in China to circumvent Western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said. Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the global financial system and from nearly half of its US$640 billion in gold and foreign exchange reserves. Oleg Tishakov, a board member with the National Card Payment System (NSPK), said Russia is... https://www.scmp.com/news/world/russia-central-asia/article/3173178/ukraine-war-russia-turns-china-bank-card-microchips?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3173178/ukraine-war-russia-turns-china-bank-card-microchips?utm_source=rss_feed Tue, 05 Apr 2022 16:51:46 +0000 Ant Group, the fintech business affiliated with Alibaba Group Holding, has named its first regional head for the Southeast Asian market, sending a signal that the group is putting its focus back on growth as a restructuring process to meet tougher Chinese regulations nears completion. Jia Hang, a former UnionPay executive who joined the fintech giant in 2015, will take up the newly-created role of regional general manager for Southeast Asia, Ant said in a statement on Wednesday. Ant said it... https://www.scmp.com/tech/big-tech/article/3171440/jack-mas-ant-appoints-southeast-asia-head-signalling-focus-back?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3171440/jack-mas-ant-appoints-southeast-asia-head-signalling-focus-back?utm_source=rss_feed Tue, 22 Mar 2022 23:00:14 +0000 In the first six weeks of 2022, more than 40,000 Russians poured into Thailand – tourists craving a sun-kissed shore far away from the harsh winter of home. They were beckoned back to the beaches of Phuket, Koh Samui and Pattaya by a welcoming nation whose deflated economy was desperate for an economic lift, having felt the sting of billions of lost tourist dollars amid the pandemic. But then Vladimir Putin ordered the invasion of Ukraine, and hopes of a quick tourist recovery for Thailand... https://www.scmp.com/week-asia/politics/article/3170128/russian-exodus-puts-thailands-tourism-rebirth-risk-asia-longs?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3170128/russian-exodus-puts-thailands-tourism-rebirth-risk-asia-longs?utm_source=rss_feed Sat, 12 Mar 2022 00:00:28 +0000 Thousands of tourists from Russia have been left stranded in Thailand as a consequence of Western countries’ sanctions over the invasion of Ukraine. Flight cancellations, a rouble currency in free fall and payment problems arising from Russian banks being cut off from the global Swift system have left more than 7,000 Russians in limbo in places such as Phuket, Koh Samui, Pattaya and Krabi, Thailand’s tourism authority chief said on Tuesday. “We have to be good hosts and take care of everybody,”... https://www.scmp.com/lifestyle/travel-leisure/article/3169774/ukraine-sanctions-trap-thousands-russians-thailand-unable?utm_source=rss_feed https://www.scmp.com/lifestyle/travel-leisure/article/3169774/ukraine-sanctions-trap-thousands-russians-thailand-unable?utm_source=rss_feed Wed, 09 Mar 2022 05:45:23 +0000 China has back-pedalled on a plan to ban merchants from using personal QR codes to receive payments, maintaining the status quo in which millions of street vendors, small businesses and even beggars rely on the simple scanning of a bar code to receive money. It marked a rare retreat by the People’s Bank of China over its control of Alipay and WeChat Pay, which jointly control over 90 per cent of the country’s mobile payments market, after the proposed ban on using personal QR codes to receive... https://www.scmp.com/tech/big-tech/article/3168093/china-back-pedals-plan-ban-personal-qr-codes-business-payment?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3168093/china-back-pedals-plan-ban-personal-qr-codes-business-payment?utm_source=rss_feed Wed, 23 Feb 2022 13:00:26 +0000 China’s state-backed Blockchain Services Network (BSN) on Tuesday announced a soft launch of a nationwide infrastructure to support Chinese non-fungible tokens (NFTs), marking a key step towards creating a domestic industry that is separated from the global market and not associated with any cryptocurrencies. BSN said the infrastructure, known as BSN-Distributed Digital Certificates (BSN-DDC), would offer “a diverse, transparent, credible and reliable” one-stop-shop for businesses to mint and... https://www.scmp.com/tech/tech-trends/article/3164681/china-introduces-state-backed-nft-platform-unlinked?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3164681/china-introduces-state-backed-nft-platform-unlinked?utm_source=rss_feed Tue, 25 Jan 2022 14:00:16 +0000 Mark Magnier Mark Magnier The craze has inspired Selfiecoins, Potcoins and UFOCoins, fuelled a failed bid to buy a rare copy of the US Constitution, inspired legions of confusing jargon and prompted dozens of nations to consider creating their own official version. To say the world of cryptocurrency, blockchain and central bank digital currencies is rife with hype and hoopla is an understatement. “There are a lot of warning signs and flashing lights,” says Gary Gensler, chairman of the US Securities and Exchange... https://www.scmp.com/news/china/article/3163578/us-and-china-separate-corners-wrestle-cryptomanias-excesses?utm_source=rss_feed https://www.scmp.com/news/china/article/3163578/us-and-china-separate-corners-wrestle-cryptomanias-excesses?utm_source=rss_feed Mon, 17 Jan 2022 05:54:55 +0000 China’s state-backed Blockchain Services Network (BSN) plans to roll out infrastructure at the end of this month to support the deployment of non-fungible tokens (NFTs), a major step to creating a Chinese NFT industry that is not linked to cryptocurrencies. Although Beijing has banned cryptocurrencies, He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs “have no legal issue in China” as long as they distance... https://www.scmp.com/tech/policy/article/3163094/china-create-own-nft-industry-based-state-backed-blockchain?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3163094/china-create-own-nft-industry-based-state-backed-blockchain?utm_source=rss_feed Thu, 13 Jan 2022 02:00:15 +0000 Shenzhen resident Chen Channing frequently receives blocks of gibberish code via his WeChat app – and he knows exactly what to do with it. He copies the codes, opens Alibaba Group Holding’s Taobao shopping app on his phone, pastes them in, and voila – links to purchase selected products appear. But lately Chen has noticed that some of the codes now include links that open directly within WeChat, the supper app operated by Tencent Holdings. To his disappointment though, the links do not always... https://www.scmp.com/tech/tech-trends/article/3155846/chinas-internet-walled-gardens-may-be-cracking-users-face-long?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3155846/chinas-internet-walled-gardens-may-be-cracking-users-face-long?utm_source=rss_feed Sat, 13 Nov 2021 02:00:28 +0000 Chinese telecommunications giant Huawei Technologies Co, beset by US trade sanctions that have weakened its core smartphone business, has started to ramp up operations of its mobile payments service after acquiring a nationwide licence. This development enhances Huawei’s position, according to analysts, to become one of the major third-party digital payments providers in China, the world’s biggest smartphone and internet market. The Shenzhen-based company has offered participants to its... https://www.scmp.com/tech/big-tech/article/3151399/huawei-renews-effort-mobile-payments-amid-beijings-moves-boost?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3151399/huawei-renews-effort-mobile-payments-amid-beijings-moves-boost?utm_source=rss_feed Wed, 06 Oct 2021 10:47:10 +0000 China’s two largest mobile payments providers, Alipay and WeChat Pay, are further opening up their ecosystems to state-owned UnionPay, the country’s top bank card clearing service, amid Beijing’s push for Big Tech internet platforms to make their “walled gardens” accessible to competition. Alipay, operated by Chinese financial technology giant Ant Group, plans to achieve full interoperability of payment QR codes with UnionPay’s Cloud QuickPass app for offline payments in every city across China... https://www.scmp.com/tech/policy/article/3151120/ant-group-tencent-further-open-their-mobile-payment-ecosystems-state?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3151120/ant-group-tencent-further-open-their-mobile-payment-ecosystems-state?utm_source=rss_feed Mon, 04 Oct 2021 09:00:31 +0000 Alibaba Group Holding has started to allow consumers to use WeChat Pay, the payment service operated by its rival Tencent Holdings, on a number of its platforms amid the Chinese government’s major push to encourage competition and curb monopolistic behaviour among Big Tech. A number of Alibaba services – including food delivery platform Ele.me, video-streaming platform Youku, online ticketing platform Damai and cross-border e-commerce platform Kaola – now include WeChat Pay as one of their... https://www.scmp.com/tech/big-tech/article/3150413/alibaba-opens-its-walled-garden-tencents-wechat-pay-heeding-beijings?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3150413/alibaba-opens-its-walled-garden-tencents-wechat-pay-heeding-beijings?utm_source=rss_feed Tue, 28 Sep 2021 09:00:20 +0000 Georgina Lee Georgina Lee As Beijing pushes ahead with a sovereign digital currency and a national blockchain network, Hong Kong’s fintech community is using the city’s role as a bridge between mainland China and the rest of the world to seize opportunities for innovation. China has been at the forefront globally in the development of a central bank digital currency, with 70.75 million retail transactions worth 34.5 billion yuan (US$5.3 billion) having been completed in a pilot trial as of the end of June this year. The... https://www.scmp.com/business/banking-finance/article/3149202/beijings-sovereign-digital-currency-push-boost-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3149202/beijings-sovereign-digital-currency-push-boost-hong-kongs?utm_source=rss_feed Sat, 18 Sep 2021 04:00:20 +0000