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Mobile payments

Mobile payments
Cash is history. Whether its ordering groceries from our smartphone or using it to pay for the bus, these companies and services are changing the way we pay for goods and services.
OKX, one of the world’s largest cryptocurrency exchanges, moved its headquarters to the US this year. Photo: Shutterstock
Blockchain

OKX sees tipping point for blockchain tech amid rising crypto sentiment

OKX chief commercial officer Lennix Lai says the exchange is focused on building compliant services in the US and Singapore, among other markets.

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Alibaba

Alibaba’s Amap offers ride-hailing function catering to China’s foreign visitors

Ant Group

Ant Group’s global unit pulls in US$3 billion in revenue ahead of spin-off

Crime in Hong Kong

Mainland bank in Hong Kong investigates unauthorised transactions on FPS platform

China Construction Bank (Asia) client says she lost HK$20,000 through FPS transfers, with experts suggesting hacking may be involved.

A businesswoman, surnamed Chen, has said she lost HK$20,000 through unauthorised transactions via the FPS platform. Photo: Handout
Fintech

Alipay and WeChat Pay see booming inbound spending in China for Labour Day

Preliminary data from the country’s two dominant mobile payment apps show two-to-three times the spending from a year ago, much of it from Hong Kong.

Artificial intelligence

Geely-owned DreamSmart to push mobile payments via AI smart glasses

DreamSmart is working with Ant International to enable mobile payments for users of its StarV Air2 eyewear.

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Ant Group

Alipay leads China’s payments market as tap-and-pay reaches 100 million users

Alipay, launched 20 years ago by Alibaba Group, has proved to be a revolutionary product that changed the way Chinese people make payments.

In June 2024, Alipay introduced the tap-and-pay function in China. Photo: Shutterstock Images
Tencent

WeChat helps Chinese tourists book tables at 870,000 dining spots across Japan

The Chinese-language version of Tabelog, a popular Japanese restaurant review website, is now available as a mini program on WeChat.

Artificial intelligence

Chinese tech giants race to expand AI services market via open-standard protocol

China is seeing growing adoption of the model context protocol, which has become a de facto standard for AI integration.

Fintech

Digital wallets are finally taking hold in Hong Kong, report shows

A survey found that 42 per cent of Hongkongers use Alipay and 22 per cent use Apple Pay, but credit cards are likely to remain relevant.

Passengers pay for the Star Ferry from Tsim Sha Tsui to Central next to an advertisement for Alipay on December 19, 2024. Photo: Jelly Tse
Banking & finance

Hong Kong to unveil 3 e-banking security measures to combat financial fraud

The HKMA’s ‘E-Banking Security ABC’ measures will enhance online banking security, deputy chief executive Arthur Yuen says.

The HKMA has stepped up its vigilance against online banking fraud. Last year, the city’s residents lost HK$9.15 billion to scamsters. Photo: Jelly Tse
Tencent

Tencent chases Chinese tourists in Singapore with Sentosa deal

As Chinese travellers return to Southeast Asia, Weixin Pay has struck a partnership with Singapore’s top resort island.

Hong Kong economy

Editorial | Octopus lands in Japan to delight of HK visitors

After Thailand, South Korea and the mainland, the Hong Kong stored-value card system has added another popular tourist destination to its network.

Hong Kong economy

Hong Kong tourists in Japan may soon be able to use Octopus app for payments

Octopus Holdings says it is in talks with different platforms in Japan and aims to collaborate with those that have greater payment coverage.

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Andy Yip says Octopus is striving to launch the long-awaited service as early as the third quarter of this year. Photo: Xiaomei Chen
Banking & finance

HKMA mandates name-matching for transfers above HK$1,000 to combat scams

Banks have been asked to implement the ‘refined measures’ for instant fund transfers by the end of May.

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Hongkongers lost several hundred millions to online frauds and scams last year. Photo: Yik Yeung-man
Lunar New Year

China’s Lunar New Year spending spree offers hope for consumption boost

Statistics indicate domestic consumption broke several records during this year’s holiday, with lower-end spending seeing the biggest gains.

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Yuan

Opinion | Trump’s digital dollar ban opens the door for China’s yuan

The US president’s decision to halt CBDC development may inadvertently hasten the de-dollarisation trend, smoothing path for yuan internationalisation.

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Apps

Alipay bears cost of system error that applied discounts to user transactions

The system error applied a 20 per cent ‘government subsidy’ to an undisclosed number of transactions on Thursday, according to users.

[Shutterstock] Stock Photo ID: 1078808396 PENANG, MALAYSIA - APR 26, 2018: Alipay expands its market to support retail merchants in Malaysia through a collaboration with MOLPay, the payment gateway for Malaysia and Southeast Asia. Shutterstock Images
Lunar New Year

Editorial | It is time to make Lunar New Year red lai see packets greener

While it is a tradition to fill red paper envelopes with freshly printed notes, mainland Chinese have shown sustainable digital options can be just as effective.

Banking & finance

HKMA readying FPS for cross-border use by midyear

HKMA and PBOC have been working on syncing the Faster Payment System and the mainland’s Internet Banking Payment System.

Foreigners in China

China’s bid to bring back foreign visitors is bearing fruit, but is it enough?

Visitor numbers are well down on pre-Covid levels despite a string of measures, including the offer of visa-free access.

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Illustration: Lau Ka-kuen
Artificial intelligence

Alipay adds AI image search to enhance ‘super app’ role in rivalry with WeChat

Alipay’s move shows how mobile payment platforms are striving to grow their customer base and engender user loyalty in the AI era.

The Alipay logo is seen a mobile phone in this illustration picture taken June 28, 2023. Photo: Reuters
Crime

US tech consultant found guilty of murder of Cash App founder Bob Lee

Nima Momeni faces 16 years to life in prison for stabbing Lee to death with a knife he took from his sister’s kitchen.

Ant Group

Jack Ma makes rare speech at Ant Group’s 20th anniversary

The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020.

Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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The cumulative transaction value of China’s digital yuan had reached 7 trillion yuan (US$968 billion) as of the end of June. Photo: Xinhua
Tencent

Tencent beats estimates with 47% profit jump, driven by video gaming

Video gaming sales, traditionally Tencent’s strongest revenue driver, grew 14% in the domestic market.

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The Tencent headquarters in Shenzhen, China’s southern Guangdong province. Photo: AFP
Ant Group

Ant International drives AI in cross-border payments to boost global expansion

The firm’s AI model predicts currency exchange rates on an hourly basis, helping businesses reduce transaction costs.

Ant Group

Ant CEO Eric Jing touts tokenisation benefits for cross-border transactions

Tokenisation is a major focus of FinTech Week this year, in addition to AI, as Web3 in Hong Kong looks beyond ‘speculative’ cryptocurrencies.

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