Category: ant group
Hong Kong fintech unicorn WeLab raises $75M led by insurance giant Allianz
One of the few industries that have benefited from the COVID-19 crisis is online finance. Around the world, the pandemic has forced consumers to adopt digital banking. Hong Kong’s WeLab, a fintech company founded in 2013, saw users soar by 20% year-over-year in 2020, bringing its accumulative user base to…
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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 and a government directive to reform the firm’s business, the Chinese authorities sent another message this week signaling its plan…
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Alibaba shares jump on Jack Ma’s first appearance in 3 months
Alibaba’s billionaire founder resurfaced as he spoke to 100 rural teachers through a video call, three months after his last public appearance in October, sending the e-commerce firm’s shares up more than 8% in Hong Kong. A recording of the call was first posted on a news portal backed by…
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Daily Crunch: China presents ‘rectification’ plan for Ant Group
The Chinese government could reshape Ant Group’s business, Tesla plans to launch in India next year and the FAA announces a new ID requirement for drones. This is your Daily Crunch for December 28, 2020. The big story: China presents ‘rectification’ plan for Ant Group Less than two months ago,…
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China lays out ‘rectification’ plan for Jack Ma’s fintech empire Ant
What a whirlwind holiday for Jack Ma and his fintech empire. The People’s Bank of China, the country’s central bank, summoned Ant Group for regulatory talks on December 26th, announcing a sweeping plan for the fintech firm to “rectify” its regulatory violations. The meeting came less than two months after…
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Grab-Singtel and Ant Group win digital bank licenses in Singapore
Singapore on Friday granted four firms including Ant Group and Grab the licenses to run digital banks in the Southeast Asian country, in a move that would allow tech giants to expand their financial services offerings. The nation’s central bank, Monetary Authority of Singapore (MAS), said it applied a “rigorous,…
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