Tencent launches China’s first online-only bank
Internet giant Tencent has launched China’s first online-only private bank in a ceremony attended by the country’s premier, Li Keqiang. WeBank, named after Tencent’s hugely popular WeChat messaging service, is opening its virtual doors after the Chinese financial service regulator granted Tencent a license last year. In total,licenses were granted, including to Tencent rival Alibaba, […]
China to end UnionPay card clearing monopoly
China is finally preparing to put an end to China UnionPay’s monopoly on clearing bank card transactions in a move that could open up a huge market to Visa and MasterCard. The country’s State Council made an announcement on the change in policy after a meeting today, according to Reuters, but failed to give details. […]