China Fintech
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AI agent pledge by 15 Chinese banks and tech firms bars unauthorised control of finance apps
A joint initiative from the Beijing Fintech Industry Alliance and 15 institutions, including five large state-owned banks, Huawei and Alibaba Cloud, says AI agents must not read screens or simulate…
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Hong Kong’s PhotonPay raises US$40 million to connect stablecoins with cards and local clearing
PhotonPay, founded in Hong Kong in 2015, closed a US$40 million Series C led by Blockchain Capital, with SBI Group as a new investor. The money goes to stablecoin and…
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Tencent Visa agreement links Weixin Pay with Visa Pay for travellers in and out of China
Tencent and Visa signed a memorandum of understanding on October 29 covering payments for travellers through TenPay Global and Visa Pay, Visa Direct remittances into Weixin Pay, and AI agent…
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Ant International signs SMBC deal on Alipay+, Antom and WorldFirst flows in Southeast Asia
Ant International and SMBC signed a memorandum of understanding on cross-border payments tied to Japan, Singapore and Southeast Asia, and will explore linking the Whale RTP treasury platform with the…
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HKEX Integrated Fund Platform adds nominee services as brokers begin fund orders
HKEX launched Platform and Nominee Services on its Integrated Fund Platform, so brokers and other distributors can now subscribe to and redeem funds for clients. More than 60 firms have…
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Deep dive: e-CNY 2.0 moves into taxes, pensions and trade settlement
Ten months after the PBOC turned the e-CNY into interest-bearing deposit money, the first tax, pension and trade payments in it are arriving. The average transaction is getting larger as…
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Samsung Wallet Money joins WeChat Pay network for Korean visitors to China
Korean users of Samsung Wallet Money can now scan or show QR codes at WeChat Pay merchants across China, under a deal signed in Shenzhen by Tencent, Samsung and Woori…
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Chinese banks cut new loan facilitation partners as 19 platforms pass fund audits
Chinese banks are moving many loan facilitation partners to run-off status on their public lists, while 19 platforms have filed audits showing no diverted repayments.
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Hong Kong SFC opens round-the-clock trading of tokenised money market funds
Two ChinaAMC tokenised money market funds now trade around the clock on a licensed virtual asset platform, after the SFC approved the first secondary trading of tokenised public funds.
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Doubao phone assistant stops operating bank and payment apps as lenders limit AI agents
ByteDance’s Doubao phone assistant has stopped operating banking, payment and lending apps after banks, Alipay and WeChat opted out, and Chinese lenders say money movement stays with humans.
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