Welcome! Tuesday - May 23, 2017

UnionPay, Apple said to agree on U.S. firm’s new payment technology, Alibaba arm to create $163 billion loans marketplace


China Ecommerce Weekly Breif-Obserevre Intelligence

Editing by Su-Jun Lim

 

CAIXIN

UnionPay, Apple said to agree on U.S. firm’s new payment technology

China UnionPay and Apple have agreed to cooperate to bring the U.S. tech company’s new smartphone payment option to China, according to a source with knowledge of the matter. The source said China’s UnionPay, a state-backed bank card association has already agreed to let Apple Pay link to its cards. The deal will likely intensify competition with third-party payment tools like Alipay.

 

REUTERS

Alibaba’s Jack Ma invests $532 million in financial software firm

Jack Ma will pay 3.3 billion yuan ($531.78 million) to take a controlling share of Hundsun Technologies Inc, which is China’s biggest software provider for trading securities and fund companies. Ma’s move underscores his desire to move into and reshape China’s financial services sector. The deal also raises concerns that access to Hundsun’s financial data may give Alibaba’s online finance arm an unfair advantage.

 

THE WALL STREET JOURNAL

Tencent raises stake in mall developer to popularize its mobile payment apps

Tencent Holdings is raising its minority stake in a shopping mall and logistics developer, China South City, in an effort to make its mobile payment apps more popular. The strategic partnership involves plans to launch an outlet mall where consumers can use the mobile payment feature on Tencent’s WeChat messaging app for shopping. The alliance also includes integrating China South City’s e-commerce service into WeChat and creating a wireless service that tracks shoppers in real-time and sends promotional messages.

 

BLOOMBERG

Alibaba arm to create $163 billion loans marketplace

Alibaba Group’s finance arm aims to create a marketplace for 1 trillion yuan ($163 billion) of loans in as soon as two years as the e-commerce group encourages more Chinese to borrow and lend.

 

THE GUARDIAN

Luxury Brands in a Quandary as China’s Wealthy Young Develop Resistance to Bling

Stagnant activity in China’s luxury market is said to be the reason behind disappointing financial results, generating discernible anxiety among leading luxury brands. Despite being a strong market, Chinese consumers are spending less and seemingly developing a resistance to Western luxury brands.

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