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.