TOPIC

/ company

UnionPay

The latest news, analysis and opinion on UnionPay. In-depth analysis, industry insights and expert opinion.

Chairman / President

Cai Jianbo

CEO / Managing Director

Li Xiaofeng

CFO / Finance Director

Zhong Xiaohui

Industry

financial Services

Website

unionpayintl.com

Headquarters address

Building B, No. 498 Guoshoujing Road, Pudong, Shanghai, China

Year founded

2002

Tax officials from the Hengqin Guangdong-Macao In-depth Cooperation Zone tax bureau of the State Taxation Administration providing guidance to the financial personnel of Jetco Technology Co., Ltd. on handling tax preferential policies. Photo: Nie Yaoxin.

GBA Development Plan fifth anniversary

Expanding tax reforms to fuel GBA’s market integration

How preferential policies and the convenience of online cross-border payments have made life easier for those working outside their home region

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China's economic recovery

China’s payment vow an ‘easy but marginal win’ as overseas concerns remain

9 Mar 2024 - 8:00AM

Ukraine war

Chinese banks ‘refrained’ from dealing with Russia over sanctions fears

11 Feb 2024 - 9:00PMvideocam

Hong Kong transport

More Hong Kong taxis to accept cashless payments under trial for new meter

New system linking meter to e-payment modes will be tested under pilot phase, developers say.

31 Jan 2024 - 7:28PM

Wong Yu-ting, managing director of CabCab and chairman of the Hong Kong Tele-call Taxi Association, shows how the smart taxi meter works. Photo: May Tse

Hong Kong economy

Hong Kong ‘lagging behind’ in e-payments as Octopus, cash still dominate

Some platforms have grown in popularity since pandemic, but merchants complain about relatively high transaction fees for e-payment systems, say they prefer cash.

26 Jan 2024 - 8:44AM

Hong Kong healthcare and hospitals

Plastic surgeon killed in Wan Chai collision credited for steering Hong Kong sector

Dr Wilson Ho, 59, is remembered by peers and patients as kind, caring and a pioneer in the field.

17 Jan 2024 - 9:58AM

Hong Kong transport

Hong Kong taxis with Octopus readers to accept payment through 2 QR code wallets

Octopus says it will open up its payment networks for the first time in 26 years to UnionPay, Alipay and AlipayHK.

11 Jan 2024 - 10:54PM

Hong Kong taxis have long relied on cash transactions. Photo: SCMP

Singapore

Singapore restricts remittances to China after US$10 million in funds frozen

The three-month suspension follows reports of remittances through Singapore being frozen in beneficiaries’ bank accounts in China by law enforcement agencies.

19 Dec 2023 - 1:44PM

Blockchain

Blockchain-managed IDs arrive in China with new government-backed scheme

A new system from China’s Blockchain-based Service Network and the Ministry of Public Security uses real-name verification for cryptographic keys published on a blockchain.

14 Dec 2023 - 2:00PM

Tencent

Tencent ties up with Big Telcos in latest breach of ‘walled garden’

Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes, in Tencent’s latest effort to improve interoperability of tech services under Beijing’s directive.

11 Nov 2023 - 6:30PM

Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes. Photo: AFP

Blockchain

US lawmakers target Chinese blockchains in Web3 decoupling push

Two US House representatives introduced a bill barring executive agencies from contracting with China-based blockchain firms, which have in turn invited the legislators to examine their code.

9 Nov 2023 - 9:30PM

Two US House lawmakers are looking to block government use of Chinese blockchain. Photo: Shutterstock

Fintech

Hong Kong fintech player aims to end cash-only taxis with new payment platform

Wonder, a subsidiary of Bindo Labs, is determined to put its system, which accepts forms of payment including Visa, Mastercard, Alipay and UnionPay, into 10,000 taxis in a year’s time.

5 Nov 2023 - 2:00PMvideocam

Hong Kong transport

‘Old-fashioned’: Hong Kong taxi sector leader urges cabs to install e-payment system

Chau Kwok-keung, chairman of Hong Kong Taxi and Public Light Bus Association, says he will spend HK$1 million to offer free installation of e-payment system.

4 Nov 2023 - 7:30PM

Hong Kong economy

New CEO of Hong Kong’s Octopus aims to shift service ‘from plastic to phone’

Tim Ying says company was gearing up to meet the needs of the new generation by investing more in mobile operations.

1 Oct 2023 - 8:00AM

A woman swipes her Octopus car in a wet market. CEO Tim Ying has pledged to make the service more widely available in Hong Kong. Photo: Xiaomei Chen

China-Africa relations

Why a growing number of Chinese investors are looking to Africa’s tech space

Size of continent – where 60 per cent of the population is under 25 – is the biggest motivation, fintech executive says.

6 Jul 2023 - 2:00PMvideocam

For investors, technology and fintech in Africa present “many opportunities”. Photo: Reuters

China-Russia relations

‘Cool summer in St Petersburg’: Russia comes calling but will Chinese be swayed?

New e-visa system and more Chinese signage are among tourist-friendly moves, but security concerns, as with the recent Wagner rebellion, remain.

30 Jun 2023 - 3:06PMvideocam

Trending in China

Bare-faced scam: facial recognition ruse tricks Chinese boy, 10, out of US$2,800

The perils of online fraud and child mobile phone addiction have once again been highlighted by the case of a Chinese boy who tried to collect “free gaming skins” from a live streamer and ended up losing US$2,800 to scammers.

16 Jun 2023 - 11:43AM

Banking & finance

Airwallex secures China online payments licence via acquisition

Airwallex acquired 100 per cent of online payments and information services firm Guangzhou Shang Wu Tong Network Technology and it is now a third-party payments provider in China.

8 Mar 2023 - 7:30AM

Airwallex is a fintech unicorn backed by Tencent Holdings and tycoon Li Ka-shing’s Horizons Ventures.
Photo: Handout

Hong Kong transport

‘Hong Kong’s Octopus to invest millions in technology, consumption voucher offers’

Octopus has no plans to seek initial public offering, non-executive chairwoman Jeny Yeung says.

8 Mar 2023 - 10:21AM

Clockenflap Music Festival

Everything you need to know about Clockenflap 2023 festival in Hong Kong

The Clockenflap 2023 festival features big-name bands including Phoenix, Arctic Monkeys, FKJ, Wu-Tang Clan and the Cardigans. Find out how to get there, and more, in our extensive guide.

3 Mar 2023 - 9:50AM

Asia travel

Destinations known | ChatGPT vs actual experts on how to attract new wave of Chinese tourists

Big-city thrills, nighttime activities and adventure tourism are all ways to attract Chinese tourists in 2023 and beyond, experts say – or you could put pictures of pandas on all currency.

1 Feb 2023 - 1:28PM

Macau’s just-opened ZipCity zipline attraction offers evening excursions over Cotai accompanied by an audiovisual show illuminated by more than 100,000 LED lights. Night tourism is expected to be a significant draw as Chinese tourists return to global destinations. Photo: ZipCity

Blockchain

Company behind China’s Blockchain Service Network wants a Swift for stablecoins

The new blockchain project facilitates cross-border payments between stablecoins with plans for central bank digital currencies.

26 Jan 2023 - 6:23PMvideocam

Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg

Shanghai

Can ‘peanut’ e-coupon lottery save Shanghai’s Covid-hit retail economy?

Can 1 billion yuan (US$140.5 million) of e-coupons save Shanghai’s battered retail industry? It’s peanuts, but a good start nonetheless, analysts say.

4 Oct 2022 - 12:36PMvideocam

Blockchain

HSBC, Hong Kong firms sign up for China’s state-backed blockchain

BSN builds adapted versions of public blockchains, including forks of Ethereum, Cosmos and Polygon Edge, without involving cryptocurrencies

6 Sep 2022 - 7:05PMvideocam

Hong Kong economy

Hong Kong retailers offer rewards to e-voucher shoppers ahead of roll-out

Sun Hung Kai Properties to spend HK$10 million for promotional activities, while Octopus, BoC Pay and AlipayHK to offer rewards to new joiners.

14 Jun 2022 - 6:44PM

A second and final batch of HK$5,000 in consumption e-vouchers is set to be distributed from August 7.
Photo: K. Y. Cheng

Ant Group

Ant Group grants first dividends to shareholders after blocked IPO

Ant Group, the fintech affiliate of Alibaba Group Holding, has granted billions of yuan in cash dividends to its shareholders for the first time since it brought in investors in 2015.

27 May 2022 - 7:00PM

Shenzhen

Shenzhen turns to electronics subsidies to boost economy

Consumers will be able to get back as much as 15 per cent on purchases of eligible electronics, with a preliminary list including thousands of Huawei listings but none for foreign brands.

26 May 2022 - 6:31PM

Blockchain

China’s BSN builds new public blockchain unlinked to cryptocurrencies for global markets

Spartan Network moves BSN another step closer to becoming a one-stop-platform for developers of blockchain-distributed applications.

25 May 2022 - 1:39PM

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