Mainland China
Mainland China fintech news: payments, digital banking, the e-CNY, PBOC, NFRA and CSRC regulation and China’s fintech platforms (中国金融科技).
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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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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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mBridge carries first e-CNY bunker fuel settlement in Zhejiang free trade zone
Bank of China’s Zhoushan branch used mBridge to settle a fuel supplier’s bunkering income in e-CNY against an electronic delivery note, a first for the Zhejiang Pilot Free Trade Zone.
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Ant Digital releases LingDT-Decision-1.0, a decision model for risk control and finance
Ant Digital Technologies launched LingDT-Decision-1.0, a decision model in 4B and 27B versions that it says cuts token use by more than 90% versus LLMs on risk and customer service…
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Tenpay lets users of 60 overseas e-wallets pay at WeChat Pay merchants in China
Tenpay, which runs WeChat Pay, said users of 60 overseas e-wallets can now pay at its merchants in mainland China, and set out how its TenPayGo app serves inbound visitors.
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e-CNY reaches data trading and housing funds with first deals in Beijing and Shanghai
Beijing’s big data exchange settled its first data trade in e-CNY, and CCB Shanghai launched e-CNY housing provident fund payments, pushing the digital yuan into corporate and government use.
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PBOC upgrades e-CNY infrastructure with central bank system and smart contract framework
The PBOC unveiled a central-bank-side e-CNY system and a smart contract framework as e-CNY transactions reached about 31 trillion yuan.
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CSRC to issue rules on safe AI use in China’s securities and futures industry
China’s securities regulator says it will soon publish an opinion on the safe and compliant use of AI by brokers, fund managers and futures firms.
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