Alipay and WeChat Pay Open to International Visitors
Previously, international tourists visiting China cannot enjoy the convenience of local mobile payment (Alipay & WeChat Pay) services if he/she did not have a Chinese mobile number and bank account. This changed this week.
On November 7th, Ant Financial Services announced the launch of the “International Edition” service for visitors to China. Users may download the Alipay APP and sign up with their international mobile number and credit/debit card. Through the “Tour Pass” applet, Alipay will create a virtual account backed by the pre-paid card service provided by the Bank of Shanghai. The account is available for 90 days.
Users can top up the account with up to 2000 yuan each time and multiple top-ups are allowed.
On the same day, Tencent posted an announcement on its official WeChat account that Tencent had, with the guidance of the People’s Bank of China, signed a series of international organizations including Visa, Mastercard, American Express, Discover Global Network (including Diners Club) and JCB.
International WeChat users can now register with their international credit card listed above and started to use WeChat Pay services in several pilot merchants (e.g. 12306.com, DiDi, JD.com and Ctrip). Both the announcements were made during the second China International Import Expo in Shanghai. (Source: The Beijing News)
The Chinese Ministry of Industry and Information Technology will Establish a Blockchain and DLT Standards Committee
On November 6th, the Ministry of Industry and Information Technology (MIIT) said, at a conference co-hosted with CBIRC, government departments should provide policy guidance in the initial development of the IoT and blockchain industry. Thus, the MIIT suggested to set up a Blockchain and DLT Standards Committee, promoting the establishment of related standards in China and enhancing communication with international organizations like ISO and ITU. (Source: Shanghai Securities News）
State Grid and Électricité de France (EDF) Sign Framework Agreement to Carry Out Blockchain Technical Cooperation
On November 6th, during the second China International Import Expo in Shanghai, State Grid and Électricité de France (EDF) signed a cooperation framework agreement.
According to the document, the two sides will cooperate in large-scale power grid planning, helicopter inspection, live working and distribution network automation in the field of power transmission and distribution, as well as in integrated services and data analysis management driven by intelligent sensing technology, big data, cloud computing with blockchain within the Ubiquitous Power Internet of Things (UPIOT).
(Source: Securities Daily)
The Industrial Bank and Xiaomi Sign a Strategic Agreement for Deep Cooperation in Consumer Finance, Fintech and Other Fields
On November 7th, Industrial Bank and Xiaomi Group signed a strategic cooperation agreement in Beijing. According to the agreement, the two sides will leverage their advantages in the areas of investment banking, global cash management, payment and settlement, wealth management, international business, consumer finance, supply chain finance, and fintech to achieve long-term strategic cooperation. (Source: Xinhua.net)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
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