China

Mastercard can commence domestic bankcard clearing activity in China

This follows after authorities first approved Mastercard NUCC’s application in 2020.

Mastercard can commence domestic bankcard clearing activity in China

This follows after authorities first approved Mastercard NUCC’s application in 2020.

Citi sells $3.6b China consumer wealth portfolio to HSBC

The deal does not include the bank’s institutional business.

Schroders SG, KBank launch China Private Equity Fund in Thailand

The fund offers investors access to China’s RMB private equity market.

Shanghai’s Fuiou Pay, Visa team up to offer cross-border funds collection, settlements

Customers can now access more than 30 currencies at competitive FX rates.

OCBC names new Greater China head, OCBC Wing Hang China CEO

Wang Ke and Ang Eng Siong are stepping up to their new roles on 1 November.

Golden Week drives Alipay spending by Chinese tourists

The average spending has surpassed pre-COVID-19 levels

Citi sells onshore consumer wealth portfolio to HSBC Bank China

The transaction is estimated at $3.6b.

MUFG names ex-JPMorgan banker as managing director of GCIB China

He has served several senior roles in JPMorgan Chase Bank China.

10 overseas e-wallets now usable in China

Alipay+-in-China’s programme added seven new Asian e-wallets.

170 int'l wallets accepted by UnionPay, China

Hong Kong and Macau residents can now use UnionPay App, Octopus card, and BoC Pay.

Citibank China clinches Futures Margin Depository Bank approval

It is the first American bank to clinch the approval.

Chinese joint stock banks turn sour, economic outlook grim

All five banks saw single-digit contractions in operating income.

Chinese banks cut deposit rates: report

The banks cut deposit rates between 5 and 25 basis points.

Weekly Global News Wrap: US floats stricter regional bank rules; Some China banks to cut mortgage rates

And Wells Fargo has agreed to return $40m in overcharged fees to 11,000 customers.

China’s financial sector may be hit by Zhongrong’s missed payments

The ongoing property sector downturn poses a larger risk for the trust industry.

China state-owned banks to post ‘sharp’ revenue decline: report

Banks are battling lower lending rates, ongoing property woes, and low interest margin.

Weekly Global News Wrap: China floats $1.3m asset minimum for hedge fund industry; US levels banks with $549m in penalties

And the Netherlands’ Rabobank sees profits double in H1.