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Alibaba and Tencent Are Now Bankers


China Ecommerce Weekly Breif-Obserevre Intelligence

Editing by Su Jun Lim

 

Chinese Payments Giants Alibaba and Tencent Are Now Bankers

BY PYMNTS

Alibaba and Tencent have both been given permission from the China Banking Regulatory Commission to set up privately owned banks. Alibaba Group’s Alipay affiliated bank is said to be headquartered in Hangzhou while Tencent Holdings’ Webank will be based in Shenzhen.

 

Chinese Shoppers Boost Sales at Korean Retailers

BY YONHAP NEWS

The combined sales by Chinese shoppers at Korea’s biggest department chains Lotte, Hyundai and Shinsegae jumped 60-80 percent on-year just in the first five days of October, as Chinese tourists visited during weeklong national holiday, likely due to the ease of payment using UnionPay or ChinaPay cards.

 

Amazon to Open First Store in New York City

BY CHINA TOPIX

Amazon will open its first retail store across from the Empire State Building at 7 West 34th Street. Unlike regular brick and mortar stores, it will be a warehouse of Amazon items allowing users to return, exchange and same-day order pick-ups.

 

Instantluxe to Sell Second-Hand Luxury to China’s Fashionistas

BY BLOOMBERG BUSINESSWEEK

Paris-based Instantluxe, a reseller of second-hand luxury goods, will open a Chinese website, amid a government crackdown on luxury spending. Instantluxe enables peer-to-peer selling while verifying product authenticity.

 

A New Way to Sell Fertilizer Products Online to Chinese Farmers

BY INTERNET RETAILER

China Green Agriculture Inc., a China-based producer and distributor of fertilizer products, will open online stores and add more payment options, other than cash, for its clients. China Green has signed contracts to sell on Alibaba’s B2B and B2C platforms.

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