Tencent launched China’s first private bank, local governments vowed to crack down on ride-hailing apps, and with China set to miss its growth targets, it is being speculated that the much needed economic rebalancing has finally kicked in.
Mobile banking is proving to be a disruptive force for traditional branch banking. What is the future of banking as we know it—and the future of cash?
This week, there was fresh debate over whether China will overtake the US to become the largest economy in the world this year, the RMB inched one step closer to true internationalization, and all eyes were on Hong Kong to gauge the impact of the Occupy Central protests on the economy.
This week, Heinz recalled infant cereal after authorities found lead contamination; Xiaomi tied up with Ouya; Japanese auto part companies were fined for price fixing; and the ALS Ice Bucket Challenge came to China with Xiaomi CEO Lei Jun taking an ice water shower. In food and auto KFC and McDonalds would tell you how […]
Companies like TransferWise and CurrencyFair are gaining popularity in the online money transfer market. Will such services disrupt traditional banking the same way Skype disrupted long-distance telephony? TransferWise, a start-up that offers a low-cost way for consumers to exchange currency, recently raised $25 million, bringing it one step closer to convincing consumers and investors that it really will […]
Philippe Legrain, economist and author of Aftershock and European Spring, on the global economic recovery and the risks that could further disrupt the world. In 2008, the financial crisis brought the global economy to its knees. Today, six years later, the world has still not fully recovered from the impact of the crisis. At the […]
Carl Walter, former COO of JP Morgan in China and CEO of its China banking subsidiary, paints a gloomy picture of the Chinese banking system and outlines the possible risks involved. In the aftermath of 2008’s global financial meltdown, China’s financial system seemed to have emerged unscathed. The country’s economic configuration, often dubbed “Capitalism with Chinese characteristics” by Chinese […]
This week that was: China releases a moderate stimulus package; Alibaba picks up a stake in Intime Retail; Huawei scores a profit surge in 2013; and minimum wages in major Chinese cities rise. New stimulus for a slowing China China’s economy hasn’t bounced back as much after the Chinese New Year in February. On Tuesday, China’s official […]
As consumers drift towards easy-to-use internet finance in China, what will happen to traditional banks? Like many businesses the world over, investment in China has gone mobile. Just ask Yang Ren Jun, a 26-year-old translator and interpreter in Shanghai. Yang initially invested RMB 3,000 in a new online investment service called Yu’e Bao (meaning “leftover treasure” in […]
The week that was: China’s manufacturing activity continues on its downward trend; Tencent acquires a 28% stake in South Korean gaming giant CJ Games; Alibaba launches crowdfunding product for the entertainment sector; and Hong Kong banks worried about China exposure. China’s manufacturng activity hits eight-month low China’s manufacturing activity continues to contract—and has hit an eight-month […]