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China has fined Tenpay, an online-payment unit of Tencent Holdings, USD 438,000 for violating foreign exchange rules amid growing regulatory scrutiny of the nation’s fintech industry.
WeChat Pay, regulation, banks, financial services
The Paypers has interviewed Otávio Damaso, the Central Bank Brazil’s Regulation Director, to get his latest thinking on what’s driving the evolution of Open Banking in Brazil, the progress made so far, and what more should customers, banks, and fintechs expect
central bank, regulation, Open Banking, regulatory sandbox, Open Finance, data sharing
A blockchain trade finance platform developed by eight banks, Contour, including HSBC and Standard Chartered, has gotten closer to commercial launch in Hong Kong.
Contour, State Administration of Foreign Exchange, trade finance, Standard Chartered, HSBC, China, Hong Kong, Asia, APAC, banks, banking, trade, letter of credit
The State Administration of Foreign Exchange (SAFE) in China has issued a guideline to facilitate the settlement for cross-border ecommerce.
The State Administration of Foreign Exchange, China, guideline, cross-border ecommerce, electronic payment, ecommerce
The agency that regulates and manages China’s foreign exchange reserves has developed a blockchain system aimed to address inefficiencies in cross-border trade finance.
China, foreign exchange, blockchain, trade finance, bank, cross-border
China’s State Administration of Foreign Exchange has announced running a blockchain pilot to address cross-border trade finance challenges for SMEs.
Chinese Bank of Jiangsu, Chinas State Administration of Foreign Exchange, blockchain pilot, blockchain, cross-border trade finance, trade finance, SMEs, China, Asia, APAC, Trade Finance Blockchain Platform
Alipay has been fined over USD 601k for violating payment services regulations, according to a regulatory filing by the central bank’s Shanghai branch.
Alipay, China, regulations, money laundering, cross border payments, online payments, fraud prevention, China
Bank of England has given its regulatory approval for the UK challenger bank Tandem’s purchase of Harrods Bank.
Bank of England, Tandem, Harrods Bank, UK, challenger bank
Harrods Bank has announced it is to be acquired by financial services company Tandem, after a failed Chinese investment earlier this year.
Harrods Bank, Tandem, mobile banking, online banking, acquisition, banking licence
House of Fraser`s Chinese owners have pulled GBP 29 million of a GBP 35 million investment in UK challenger bank Tandem over concerns that the Chinese government could object.
investment, UK, Tandem, neobank, House of Fraser, China
Rossini Zumwalt, Emergent Payments: In emerging markets, it is critical to offer consumers local payment methods
Rossini Zumwalt, Emergent Payments, emerging markets, consumers, local payment methods, payment solutions, interview, World
Bartlomiej Wojtowicz, Comarch EDI: Directive 2014/55/EU has various development stages within Europe
Directive 2014/55/EU, Europe, electronic invoicing, e-invoicing, Comarch EDI, Bartlomiej Wojtowicz, case study
Bartlomiej Wójtowicz, Comarch EDI: The stage of market education and convincing towards adopting automated invoices processing is coming to an end
cross-border invoicing, electronic invoices, procurement, B2B, Comarch, expert opinion, Bartlomiej Wójtowicz
China has suspended at least two foreign banks from conducting some cross-border yuan business until late March 2016, Bloomberg reports.
China, cross-border, CNY, foreign banks, exchange rates
Bank of America Merrill Lynch has launched an automated US dollar cross-border cash pooling services for corporations operating in the Shanghai Free Trade Zone.
Bank of America Merrill Lynch, cash pool, cash flow, automation, lending, cash management, payments , China
Chinese authorities have informed that they will increase support for cross-border ecommerce as the world`s second-largest economy shifts from manufacturing to higher-value services.
China, ecommerce, liberal market, foreign businesses, online sales, cross border, regulation, e-shopper, merchants
Chinese consumers spent more than USD 1.5 billion in online cross-border shopping in 2014, according to new research data.
China, consumers, Customers, cross border, ecommerce, online sales, foreign retailers, VAT
TA Associates, a global growth private equity firm, has made an investment in YeePay, a payments service provider in China.
TA Associates, investment, YeePay, online payments, payments processor, gateway, fund raise
The Chinese government has expanded its cross-border foreign exchange payments (FX) pilot programme to leverage ecommerce and limit foreign currency-based online payments risks.
China, expansion, cross-border, FX , pilot, programme, ecommerce, Development
The Chinese government has abrogated the cross-border online shopping transaction cap from USD 10,000 to USD 50,000, in order to boost international commercial transactions.
China, lift, abrogate, regulation, government, cross border, online payments, Customers, overseas