AliPay launched a free service this week which allowed users to generate a profile based on their shopping history; users who signed up were automatically enrolled in their credit-scoring system called Sesame Credit unless they unchecked a box; this led to an outcry from users and a subsequent apology from the company; Bloomberg shares how this highlights a broader concern over transparency of user data in the country. Source
Chris Skinner’s new book called Digital Human will be launching this month; he sat down with Ashok Vaswani, CEO of Barclays Bank UK, and Li Wang, Head of Alipay and Ant Financial for EMEA at his London book launch; in this blog post he shares video of the panel which took place; some of the highlights include Ashok sharing how Barclays has been able to adapt over the 300 years it has been in business and the certainty he has that they will be able to adapt going forward; Li shares how each employee at Ant generates RMB100 million or over £10 million in revenue per year, a stark contrast to efficiency at banks. Source
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The World Economic Forum in collaboration with The European Sting puts forward the interesting idea that the impact of fintech...
China’s fintech market is the biggest and most powerful in the world, especially when it comes to Alipay and WeChat...
Alipay has partnered with Openpay in Mexico to further their expansion into the Americas; users of Alipay will now be able to use the service to make purchases at businesses that are affiliated with Openpay; Souheil Badran, President of Alipay Americas stated, “An increasing number of Chinese consumers are shopping for products in Mexico that they can’t find at home, and they want to be able to purchase those items with the payment method they use most often. Our partnership with Openpay not only connects Mexican merchants with Chinese consumers seeking their products and services, but also opens new revenue channels for merchants in Mexico. We are thrilled to be partnering with Openpay as we continue to expand the reach of Alipay throughout the Americas.” Source
Alibaba’s Alipay was granted an eMoney license in Luxembourg to allow the company to serve customers across Europe; the eMoney...
Chinese tourists are able to use Alipay at more than 200,000 U.S. locations but the company does not have plans...
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Writing an opinion piece in the FT Executive Chairman of Alipay Eric Jing calls for increased cooperation amongst companies even...