China
ICBC launches $11.04b tech and innovation fund
ICBC launches $11.04b tech and innovation fund
It will support “hard technology” such as semiconductors and advanced manufacturing.
5 days ago
Proposed capital injection to help Chinese megabanks expand loans
It will mitigate pressure from weakening internal capital generation, S&P said.
Bank of East Asia officially opens Global Services Centre
It is an IT Development & Test Centre for fintech solutions and AI adoption.
Chinese banks’ DeepSeek adoption brings risk management challenges
DeepSeek’s lower cost will widen gen AI access in the banking sector, S&P said.
Fubon Bank to benefit from UOB’s China retail banking exit: S&P
Fubon has the economies of scale to get more traction out of the business.
Alipay enables Amex card linking to pay in China
Alipay now enables 7 international card brands to pay in China.
BoCom to prioritize risk control, moderate loan book growth: S&P
Its loan book is projected to grow slower in 2024-2026.
Xtransfer ink MOU to offer cross-border financial services to African SMEs
Xtransfer will make use of Ecobank Group’s network in the continent.
Ant International names Jiang-Ming Yang as chief innovation officer
Yang led development of A+ Rewards, CoPilot, and EasySafePay for Antom.
HSBC cuts Philips’ currency transactions in China
‘Netting’ cut Philips’ cross-border transactions from 4,000 yearly to just one a month.
Weixin Pay users flock to Hong Kong, Japan for Spring Festival holiday
The use of promotions or “mini programs” doubled in Japan.
Alipay+ now connects over 1.6 billion users of 35 e-wallets, banks
The platform recently welcomed Kaspi.kz and BigPay.
Commonwealth Bank to sell stake in Bank of Hangzhou to insurer
The Australian bank could make about A$940m in proceeds.
Deutsche Bank, Yonyou ink MOU to enhance treasury management services
They aim to support the globalization strategies of Chinese enterprises.
Deposits in China rise 6.4% from households, NBFI deposits
RMB deposits rose over 2 trillion dollars from households and NBFIs.
Loans in China rise 7.2% in Dec 2024
Outstanding renminbi loans grew, but foreign currency loans dropped.
Citi names Jeff Wu as head of market sales for China
Wu will relocate to Shanghai.
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