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 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.
Digital banks in Asia Pacific witnessed improving overall profitability in FY2019. Although some digital banks’ net profit in FY2020 has been affected by COVID-19 pandemic, their growth outlook remains optimistic.
The US Net International Investment Position (NIIP) has posted a deteriorating trend for over a decade now, raising concerns of the financial condition and creditworthiness of the US as a habitual debtor nation
As the race towards digitalisation intensifies, the relationship between banks and “big tech” companies is increasingly marked by collaboration and synergy, not just competition
Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.
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.
Despite weak growth in the banking industry last year, UOB managed to grow its SME deposits significantly and reported the lowest CIR among its peers. It was also the first bank to announce $2.2 billion in relief assistance in February 2020, ahead of any government support measures. It was the leading provider in government’s assistance schemes to SMEs with the largest market share.
The Chinese government has proposed establishing a joint venture with local technology companies to oversee the collection of data from Chinese consumers.
The rapid transformation of domestic and cross-border payments brings new opportunities and challenges for financial institutions.Amid shrinking payment margins, players are rethinking their business models to better monetise data insights and integrate financing options such as “buy now, pay later” (BNPL). Industry experts share their views on the impact of this changing landscape, emerging value propositions, and key technology enablers for future growth