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Australia Set to Implement Real-Time Payment Platform

Australia is preparing to launch its real-time payments infrastructure—the New Payments Platform (NPP)—in early 2018 to support its growing digital economy. According to an article on the Open.gov website, the NPP will support payments between business accounts and customers at different financial institutions in Australia by providing “fast, versatile, data-rich payments any time and any day.” The plan was first ... Read More »

Alibaba to Buy a Third of Ant Financial, Paving Way for IPO

Stake will be first since Ant’s controversial 2011 spin out Alibaba also raised sales forecast after results top estimates Alibaba Group Holding Ltd. will buy 33 percent of Ant Financial, assuming to clear the way for an initial public offering of the Chinese payments giant. Alibaba will acquire new shares in its finance affiliate in exchange for certain intellectual property rights, ... Read More »

Blockchain Consortium in Credit Cards Formed By SBI Ripple Asia

SBI Ripple Asia has formed a consortium with some Japanese credit card companies to utilize blockchain technology. Called the Credit Card Industry Consortium, the group will be formally established in January. Formed in 2016, SBI Ripple Asia is the Asia-Pacific partnership of Japanese financial services company SBI Holdings and FinTech payments firm Ripple. It manages a consortium of more than 60 ... Read More »

China Payments: Time for HK Firms to Try their Luck

The Octopus payments system has again been the subject of much discussion in Hong Kong in the past few weeks. Even the venerable British magazine The Economist, in its November 23 issue, published an article entitled “Does Hong Kong’s Octopus cards have too many tentacles?”. Instead of the usual high praise about its innovation since its inception days in 1997, ... Read More »

Ant Financial Strengthens Cross-border Business for South and Southeast Asia

ANT Financial Services Group (“Ant Financial”, or the “Company”) announced the appointment of Cherry Huang as General Manager, Cross-border Business for South and Southeast Asia of Alipay. Huang will lead business operations and growth in the region to further strengthen Alipay’s payments platform leadership through enabling cross-border transactions. The appointment of Huang reinforces Ant Financial’s mission to leverage Alibaba’s online ... Read More »

Ant Financial Scoop FT Fintech Award

Ant Financial triumphed in the second annual Financial Times fintech awards, taking the “impact” prize. Ant Financial is a dominant player with a share of more than half of China’s fast-growing $5.5tn mobile payments market.  This Alibaba spin-off has raised more funding than any rival and is valued at over $70bn — more than most banks. Launched in 2004 as ... Read More »

Ant Financial, Ayala Corp. to Invest in Globe Telecom’s Mynt

Alipay’s technology to upgrade payment experience for local users of Mynt’s GCash The Philippine mobile operator Globe Telecom announced that Ant Financial Services Group, one of the world’s leading digital financial services providers, has entered into a strategic partnership with Globe Fintech Innovations, Inc. (Mynt), a wholly-owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe Telecom, and Ayala Corporation, one ... Read More »

Alipay Expands POS Presence with Poynt in North America

Alipay, the digital payment company affiliate of Alibaba has entered into a partnership with Poynt, the maker of smart terminals. According to a news release from Poynt, under terms of the deal, Alipay’s more than 520 million registered users in China will be able to pay with Alipay across all Poynt devices in North America. “Given all the capabilities built ... Read More »

Callcredit Helps ShieldPay’s Customers Transact with Confidence

Callcredit Information Group is helping payments service firm ShieldPay provide secure online payments to its customers. ShieldPay´s unique and patent pending technology protects both buyer and seller in any payment by verifying both individuals. Using Callcredit’s ID and bank verification solutions ShieldPay can verify both party’s identity and bank account reducing the chances of peer-to-peer payment fraud. Callcredit’s solutions also ... Read More »

BITCOIN: Singapore’s Central Bank Plans to Regulate Bitcoin Payments

The minister for the Monetary Authority of Singapore (MAS), the nation’s central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments. In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS “has been monitoring” cryptocurrencies such as bitcoin ... Read More »

MAS and ABS Lead Consortium to Harness Blockchain Technology for more Efficient Inter-bank Payments

Singapore Central Bank Reveals 3 New Blockchain Payments Prototypes The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and ... Read More »

Ant Financial Resubmits To CFIUS for MoneyGram Buy Approval

Ant Financial, the Chinese payment unit of Alibaba, is gearing up to resubmit to the U.S. its application to purchase MoneyGram International. Sources familiar with the matter told Reuters on Friday (Sept. 15) that the two companies resubmitted for deal clearance from the Committee on Foreign Investment in the United States (CFIUS). The move was prompted by its inability to ... Read More »

China’s Payment Giants will Struggle to Reach International Markets

The Chinese payments titans Alipay, China UnionPay (CUP) and WeChat Pay are sallying abroad, leveraging enormous scale in their home market and taking advantage of unfettered access to European, Japanese, North American and emerging markets. Few initially national payment networks have attempted, much less succeeded in becoming genuinely global. Underscoring the point, Interac, Cartes Bancaires and BankAxept are the leading ... Read More »