China is cracking down on big techs’ monopoly in financial data to curb abuses of power and protect consumers’ privacy, according to the country’s banking and insurance watchdog.

China’s pilot of the central bank digital currency has made promising progress. However, the digital RMB system collects and shares less transaction information than traditional electronic payments according to a PBOC digital RMB white paper.

In June 2021, Chinese ride hailing giant Didi and digital freight platform Full Truck Alliance made their debuts in the US amid the volatile initial public offering (IPO) environment.

Chinese banks well positioned on this year’s strongest banks ranking while performance varied by categories

With 41% of China's $45 trillion in banking assets and 27% of its $30 trillion in loans exposed to the property market, authorities are likely to initiate an orderly distribution of distressed assets of real estate developers such as Evergrande that failed to meet the “three red lines” limit on debt liabilities. Leveraged expansion sabotaged Evergrande’s sustainability while profit from property development shrunk for three consecutive years.

Global mobile phone users are projected to reach 4.8 billion by 2025, compared with 2.8 billion users in 2020. Businesses are tapping into this vast market as mobile wallets gain an increasing share of the payments market.

The Chinese government has proposed establishing a joint venture with local technology companies to oversee the collection of data from Chinese consumers.

The use of RMB in international transactions will increase despite US-China trade frictions and on-going COVID-19 pandemic according to the latest annual survey on RMB internationalisation conducted jointly by China Construction Bank and Asian Banker Research.

Tim Berners-Lee, inventor of the World Wide Web, joined the Asian Banker’s Emmanuel Daniel and Gordian Gaeta in a debate on the development of the internet, innovation in China, and what the financial industry can learn from both

Implications of new regulations and emergence of digital-only players were hot button issues discussed this year at the Asian Banker Future of Finance ‘Global Transactions Re-invented’ track

Pundits who see fintechs as the epitome of digital revolution need to pause and consider a simple fact, they may well be transitory and more dramatic changes are yet to come

China’s economy grew faster than expected at the start of the year but it remains to be seen if it signals a solid recovery trend as the crisis-hit property sector bears down on growth