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Jack Ma to give up control of fintech giant Ant Group: WSJ

China’s billionaire tech boss Jack Ma plans to cede control of Ant Group, the fintech powerhouse closely affiliated with Alibaba, the e-commerce giant he founded, The Wall Street Journal reporte

NayaPay secures $13 million, largest seed funding in South Asia for its messaging and payment app

Pakistan-based fintech platform NayaPay has raised $13 million in a seed round to roll out its multi-service messaging and payment app, and to build payment acceptance and financial management tools f

China’s digital yuan wallet now has 260 million individual users

One of the fastest-growing apps in China right now, by installs, is the central bank’s digital yuan wallet: 261 million individual users (as opposed to enterprises), about one-fifth of the popul

PayPal’s ambition and uphill battle in China

Over the last few months, PayPal has been quietly gearing up for its expansion in China. At the recent Boao Forum for Asia, China’s answer to Davos, the American payments giant said its strategy

China’s draft payments rules put Ant, Tencent on notice

A string of recent events in China’s payments industry suggests the duopoly comprising Ant Group and Tencent may be getting a shakeup. Following the abrupt call-off of Ant’s public sale an

TikTok’s Chinese version Douyin launches an e-wallet

Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. The latest entrant in online payments is Douy

What China’s fintech market can teach the world

If you want to know what the future of finance looks like, head east, where it’s already been laid down in China. Digital payments through mobile phones are ubiquitous, and there is incredible innov

Ant Group could raise as much as $34.5B in IPO in what would be world’s largest IPO

The long-anticipated IPO of Alibaba-affiliated Chinese fintech giant Ant Group could raise tens of billions of dollars in a dual-listing on both the Shanghai and Hong Kong exchanges. Shares for the co

WeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions

Digital payments startup QFPay announced today that it has raised $20 million in new funding led by returning investors Sequoia Capital China and Matrix Partners. MDI Ventures (the investment arm of s

11/11 shows biometrics are the norm for payments in China

Chinese consumers were quick to adopt digital payments, and a recent shopping binge showed they are ready for another leap: biometric payments. On November 11, Alibaba wrapped up Singles’ Day &#

Stripe adds support for Alipay and WeChat Pay, China’s top digital payment services

Payment enabler Stripe just announced two significant tie-ins that could help its pool of merchants make money from consumers in China. U.S. firm Stripe said today that it has agreed to global deals w

Banks should not underestimate Facebook Messenger

The potential for chat apps in financial services is by no means limited to social payments. Facebook has already confirmed that they are pursuing Wechat's success, venturing into eCommerce. This is o

Circle takes $60M to grow its social payments biz globally, as it steps into China

How do you compete with China's homegrown social payments giants? Veteran entrepreneur Jeremy Allaire, co-founder of US based social payments app Circle, reckons you don't; not like for like in the do