Podcasts about wechat pay

The Chinese consumer market is a huge one. Extending to the global Chinese diaspora living, working, and studying outside China, the market represents over 50 million people. To that end, businesses across the globe that integrate Chinese payment methods like Weixin Pay, (also known as WeChat Pay) are likely to see their revenues from Chinese consumers increase. Recently global payment service provider Stripe has expanded its collaboration with Tencent by introducing Weixin Pay to Stripe Terminal, enabling in-person transactions in 20 countries including Singapore, Australia, Canada to France, Germany, Italy, the UK, the US, and beyond. What will this payment integration mean for cross-border trade and businesses in Asia? Stripe's Chief Revenue Officer, Asia Pacific, Paul Harapin shares more about the payment service provider's partnership with Tencent, and provides insights into macro trends shaping the global payment space. See omnystudio.com/listener for privacy information.

In this episode of Corporate Treasury 101, we discuss the intricacies of operating a treasury function in China, one of the most highly regulated and misunderstood markets in the world. Damian Glendinning, former Group Treasurer of Lenovo and founder of Complex Countries, helps us unpack the challenges of treasury management in China, from regulatory ambiguity to the unique roles of Alipay and WeChat Pay. We cover how foreign companies can navigate this distinct financial landscape, including legal workarounds like entrustment loans, limitations around cross-border flows, and the impact of China's evolving global strategy.Damian shares insights from decades of hands-on experience, having led treasury operations in China during his time at IBM and Lenovo. He offers a nuanced, practical perspective on how treasurers can operate effectively in a market where the rules are complex and constantly changing.What You'll Learn in This EpisodeHow China's banking sector transitioned from state-run distribution to commercial bankingWhy are regulations in China often interpreted and enforced in flexible waysHow companies navigate cash pooling with tools like entrustment loansThe rise of tech giants like Alipay and WeChat Pay in filling banking gapsWhat treasurers need to know about China's efforts to reduce reliance on USD and SWIFTEpisode Breakdown with Timestamps [00:00] – Introduction & AFP Certification Promo [01:50] – Why China Is a Focus for Corporate Treasurers [03:19] – Misconceptions About China's Culture and Structure [15:31] – Evolution of the Banking System: State to Commercial [20:56] – WeChat Pay, Alipay & Financial Innovation [28:02] – Foreign Companies and Banking Limitations [33:41] – Entrustment Loans & Cash Pooling Workarounds [46:02] – Cross-Border Lending and Capital Flows [49:58] – Renminbi, SWIFT, and De-Dollarization Strategies [56:26] – The Bigger Picture: Global Integration vs. IsolationFollow Damian Glendinning & Complex Countries: Website: https://www.complexcountries.com LinkedIn: https://www.linkedin.com/in/damian-glendinning-089b44b/ Follow Corporate Treasury 101:Website: https://corporate-treasury-101.com/ LinkedIn:https://www.linkedin.com/company/86645197/admin/dashboard/ Follow Hussam & Guillaume:Hussam on LinkedIn: https://www.linkedin.com/in/hussam-ali-6bb69186/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-jouvencel/ Gha Marketing Website: https://ghapodcast.com/ #CorporateTreasury #InterestRates #Derivatives #CrossCurrencySwaps #FXRisk #DebtStructuring #CapitalMarkets...

Despite their dominance in China's payments sector, the duo faces global challenges due to a lack of transparency Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on the Caixin story: In Depth: China's Booming Cross-Border E-Commerce Pits Alipay, WeChat Pay Against the World Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Episode Topic In this insightful episode, Kevin Rosenquist welcomes Rufei Qian, CEO of NihaoPay, a company revolutionizing cross-border payments by bridging the gap between global merchants and Chinese consumers. They explore critical topics like regulatory challenges in entering the Chinese market, adapting to cultural differences, and the evolving trends in consumer behavior. Rufei shares how Chinese consumers have shifted towards local brands and the widespread adoption of digital wallets, contrasting it with Western reliance on credit cards. The discussion highlights the transformative impact of technology on global transactions and the unique opportunities in cross-border commerce. Lessons You'll Learn Discover actionable strategies for navigating the complexities of China's regulatory landscape while delivering a seamless user experience. Rufei delves into how merchants can adapt to the distinct consumer habits in China, such as the mobile-first approach and preference for digital wallets like Alipay and WeChat Pay. Learn how innovation, a global-local strategy, and talent development drive success in the fintech space. Gain insights into the potential of blockchain in payments and how AI can complement, rather than disrupt, established industries. About Our Guest Rufei Qian is the visionary CEO of NihaoPay, a leader in cross-border payments that connects global merchants with Chinese consumers. With over a decade of expertise in fintech, Rufei has spearheaded innovative solutions that simplify transactions, ensuring regulatory compliance and cultural adaptability. Her leadership has driven NihaoPay's groundbreaking initiatives, including a new card issuing platform tailored for seamless global shopping. Rufei is a passionate advocate for using technology to enhance financial ecosystems and foster meaningful connections between diverse markets. Topics Covered This episode dives into how global merchants can navigate China's regulatory landscape, highlighting key challenges and strategies for compliance. Rufei sheds light on evolving consumer trends, including the rise of digital wallets and the shift toward local brands in Chinese markets. She also explores the transformative role of technological innovations, such as AI and blockchain, in shaping the future of payments. Additionally, Rufei discusses NihaoPay's latest initiative, a card issuing platform designed to simplify cross-border transactions for global consumers. The conversation concludes with insights into cultural and operational shifts, emphasizing the importance of innovation, localization, and talent development in driving growth

Starting Friday, consumers shopping on Alibaba's Taobao platform can now use Tencent's WeChat Pay for transactions, according to an official statement from Taobao.根据淘宝的官方声明，9月27日开始，消费者在阿里巴巴淘宝平台购物时，可以使用腾讯的微信支付进行交易。The new payment option allows users to complete purchases with WeChat Pay, and subsequent updates will enable users to access transaction records and bills directly within the WeChat app, WeChat Pay said.微信支付方面表示，新的支付选项允许用户使用微信支付在淘宝购物，后续更新将会支持用户在微信内查询相关支付凭证、用户账单等操作。Additionally, Taobao and Tmall are set to officially integrate JD Logistics, with the service expected to be available by mid-October. Once live, sellers on Taobao and Tmall will have the option of selecting JD Logistics for shipments.此外，淘宝天猫平台预计将于10月中旬正式接入京东物流服务。上线后，淘宝天猫平台上的卖家即可选择使用京东物流发货。JD.com will also introduce services from Cainiao's delivery network, including Cainiao Express and Cainiao Post, which offers parcel pickup points.京东还将接入菜鸟配送网络的服务，包括菜鸟速递和菜鸟驿站，后者可提供包裹自提点。JD.com is also preparing to add Alipay as a payment option, expected to launch ahead of the Nov 11 shopping festival. Both companies have confirmed that their logistics and payment cooperation agreements are now in place.与此同时，京东也将正式接入支付宝支付，预计将在双11购物节前夕推出。两家公司都确认，他们的物流和支付合作协议现已签订。The collaboration indicates that Chinese tech companies are moving toward more efficient resource integration and enhanced user experiences, said Liang Qiang, dean of Shantou University's School of Business.汕头大学商学院院长梁强表示，此次合作表明中国科技公司正朝着更高效的资源整合和增强用户体验的方向发展。The partnership is also aligned with China's macro policies to advance digital infrastructure and facilitate the dual circulation of domestic and international markets while enhancing the competitiveness of Chinese e-commerce platforms in the global supply chain, he added.梁强补充，这一合作顺应了中国的宏观政策，即推进数字基础设施建设，促进国内国际双循环，同时增强中国电子商务平台在全球供应链中的竞争力。transactionn. 交易；买卖logisticsn. 物流；后勤dual circulation双循环

Chinese tech heavyweight Alibaba Group Holding Ltd's online marketplaces Taobao and Tmall announced on Thursday that they will accept mobile payment options from Tencent's WeChat Pay gradually from Sept 12, a significant step in breaking down payment barriers between the two internet companies, enhancing interoperability and interconnectivity of different platforms and improving user experience, experts said.中国科技巨头阿里巴巴集团控股有限公司旗下的在线市场淘宝和天猫于9月5日宣布，将从9月12日起逐步接受腾讯的微信支付作为移动支付选项，专家称这是打破两家互联网公司支付壁垒的重要一步，这将增强不同平台之间的互操作性和互联互通，提升用户体验。They added the move is conducive to elevating payment convenience, invigorating the vitality of consumption, and bolstering the innovation and development of payment modalities.他们补充说，这一举措有助于提高支付便利性，激发消费活力，并促进支付方式的创新发展。Taobao and Tmall said in a statement on Wednesday that they had issued notices on their platforms to solicit feedback from merchants about accepting WeChat Pay as an additional payment method, as part of a broader push to improve the shopping experience.淘宝和天猫在9月4日的一份声明中表示，他们已在平台上发布通知，征求商家关于接受微信支付作为支付方式的反馈，这一举措将有助于改善购物体验。The two platforms said they are upholding the concept of openness and cooperation and actively exploring interoperability and partnerships with various platforms to enhance user experience and make consumers' shopping activities more convenient, enjoyable and efficient.这两个平台表示，他们坚持开放和合作的理念，并积极探索与各种平台的互通性和合作伙伴关系，以提升用户体验，使消费者的购物活动更加方便、愉快和高效。Alipay, a popular mobile payment tool launched by Chinese fintech company Ant Group, said in a statement following the announcement, "Openness, collaboration, innovation and sharing are fundamental principles of the internet and the driving force behind the industry's development."由中国金融科技公司蚂蚁集团推出的流行移动支付工具支付宝在公告后发表声明称，“开放、合作、创新和共享是互联网的基本原则，也是行业发展的驱动力。Alipay said it will continue to deepen cooperation with Taobao and Tmall, and step up innovation in technologies and products. Apart from payment products, the company will further expand open cooperation in broader ecosystems such as internet technology and artificial intelligence to create more business opportunities, it added.支付宝表示，它将继续深化与淘宝和天猫的合作，并加强技术和产品的创新。除了支付产品，该公司还将在更广泛的生态系统（如互联网技术和人工智能）中进一步扩大开放合作，创造更多商机。As the main rival to WeChat Pay, Alipay is a major payment service provider for Taobao and Tmall. WeChat Pay said it is always open to collaborations, and is actively exploring interoperability with various sectors, adding it plans to continue exploring new partnerships and improving convenience for users on the basis of ensuring transactional security.作为微信支付的主要竞争对手，支付宝是淘宝和天猫的主要支付服务提供商。微信支付表示，它始终对合作持开放态度，并积极探索与各个行业的互操作性，同时计划在确保交易安全的基础上，继续探索新的合作伙伴关系并提高用户便利性。Pan Helin, a member of the Ministry of Industry and Information Technology's Expert Committee for Information and Communication Economy, said the move is a win-win result for the two Chinese tech giants as both Taobao and Tmall could attract WeChat users by adding WeChat Pay as a payment option and help bolster their business performances, while WeChat Pay will greatly expand its application ecosystems via its access to e-commerce platforms.工业和信息化部信息通信经济专家委员会成员潘和林（音）表示，这一举措对两家中国科技巨头来说是双赢的结果，因为淘宝和天猫可以通过增加微信支付作为支付选项来吸引微信用户，帮助提升他们的业务表现，而微信支付则可以通过接入电商平台大大扩展其应用生态系统。Pan said Taobao and Tmall have access to several mobile payment tools — such as Cloud QuickPass of payment giant China UnionPay — and digital renminbi, so accepting payments from WeChat Pay will not affect the current digital payment landscape.潘和林（音）表示，淘宝和天猫已开通包括支付巨头中国银联的云闪付在内的多种移动支付工具，以及数字人民币，因此接受微信支付不会影响当前的数字支付格局。"It is foreseeable that there will be more frequent and closer cooperation among different platforms and payment companies," Pan said, adding that allowing users to transact through WeChat Pay on Taobao and Tmall will help the platforms gain more users from smaller cities, where WeChat Pay has a higher penetration rate than Alipay.潘和林（音）说“可以预见，不同平台和支付公司之间的合作将会更加频繁和紧密”，他还表示，允许用户在淘宝和天猫上通过微信支付进行交易，将有助于这些平台吸引更多来自小城市的用户，那里的微信支付渗透率高于支付宝。Industry statistics show that WeChat Pay and Alipay together control 90 percent of China's mobile payments market. Experts said the acceptance of WeChat Pay on Taobao and Tmall is a landmark event in enhancing the interconnectivity of payment methods.行业统计数据显示，微信支付和支付宝共同控制了中国移动支付市场90%的份额。专家表示，淘宝和天猫接受微信支付是一个增强支付方式互联互通的里程碑事件。Wang Pengbo, a senior analyst at market consultancy Botong Analysys, said the move will allow consumers to choose their preferred payment methods freely, enhance their shopping experience, unleash consumption potential as well as provide more possibilities for bolstering the innovation of payment technology.市场咨询公司博通分析的高级分析师王鹏博（音）表示，此举将允许消费者自由选择他们偏好的支付方式，提升他们的购物体验，释放消费潜力，并为支付技术的创新提供更多可能性。Alibaba and Tencent have been taking measures to integrate services since 2021 after Chinese authorities urged tech companies to tear down their so-called walled gardens that block competitors' products.自2021年中国当局敦促科技公司打破所谓的“封闭平台”，即封锁竞争对手产品这一行为以来，阿里巴巴和腾讯就已开始采取联合服务措施。Alibaba has incorporated WeChat Pay into its on-demand food delivery app Ele.me, video-streaming platform Youku and online ticket booking platform Damai. Tencent, which once limited the sharing of links to Alibaba stores on WeChat, has gradually allowed users to open a variety of links and content from rival platforms within its messaging app.阿里巴巴已经将微信支付整合到了其即时配送应用“饿了么”、视频流媒体平台“优酷”以及在线票务预订平台“大麦网”中。腾讯曾经限制在微信上分享阿里巴巴店铺链接，但如今已经逐渐允许用户在其消息应用中打开来自竞争对手平台的各种链接和内容。Moreover, Meituan, a popular on-demand services platform, has launched its food delivery and hotel booking services as Alipay's mini programs, offering exclusive coupons and merchant discounts.此外，美团已经使食品配送和酒店预订服务进入了支付宝的小程序，并提供独家优惠券和商家折扣。Interoperabilityn.互用性，协同工作的能力upholdv.支持，维护，拥护

Wer die Fußball-Europameisterschaft 2024 verfolgt, sieht automatisch überall: Alipay. Das chinesische Bezahlsystem ziert Stadien und Fanmeilen. Warum eigentlich? Welche Rolle Alipay und sein Pendant WeChat Pay an Verkaufspunkten in Deutschland spielen, erklärt Marco van Eersel, Gründer von WeRetail. Er weiß, wie Händler:innen und Dienstleister:innen die Systeme integrieren – und Zusatzfunktionen wie gezielte Kundenkommunikation zur ihrem Vorteil einsetzen. ------ Fragen und Wünsche zum #PaymentPower Podcast gerne an: podcast@paymentpower.de

Today's episode on China Business Pain Points is 'Foreign visitors to China will be able to use WeChat Pay for their transactions'In an effort to stimulate the Chinese economy and to attract international travellers, WeChat, one of China's most popular online platforms, is allowing foreign customers to link their international credit cards to the application.Click here for the user guide on how to set up WeChat pay.---------------------------Connect with Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors on LinkedIn here.---------------------------Thrive in China RoundtableGeared towards international companies selling to China who want to systemize & scale their China business. Each week Kristina Koehler-Coluccia hosts a complimentary deep dive into a market entry strategy or implementation guideline that will help you protect and grow your China business.If you are looking to create a solid foundation for your China business and learn how to grow and scale quickly then you can register here. ---------------------------Can Woodburn help you? I am offering a free 30mins call where we discuss the obstacles you are encountering on your China business journey and how we can help accelerate your success. Book a call here.

We're joined by Lim Kar Aik, Group CEO of Revenue Monster Group, to discuss the journey of WeTix, Malaysia's leading ticket aggregator. We explore their innovative partnerships with cinema chains and e-wallet services like WeChat Pay, their expansion beyond movies to include a range of entertainment options, and how these strategic moves are shaping the future of digital ticketing in Malaysia.

Are you a fan of our podcast and hungry for more? Well, we've got a treat for you! By becoming a member, you'll gain exclusive access to our treasure trove of story and story explanation transcripts. Transcript Membership Did you know that you can practice your spoken Chinese with Rui & Simeng and other language enthusiasts ? Besides having exclusive access to the transcript, you can also engage in spontaneous conversations with other learners where you can improve your Chinese speaking skills in a friendly, supportive environment. For a limited time, use code LCTS50 to get 50% off your annual membership at Checkout.  Join LCTS community and Speaking Chinese Now ************************************************************ Back to China - A Conversation with Liulang In this episode, Yang Liulang shared with us his recent trip to China with his family. They went through layovers and long flights to finally arrive in Beijing. In Beijing, they reunited with family and tried to immerse their children in Chinese culture by visiting famous landmarks, but many required advance reservations.   This trip gave their children a more direct understanding of Chinese culture and the various aspects of Chinese life, including using WeChat Pay and Meituan for daily activities. The only challenge was the prevalence of smoking in public places. Enjoy. ************************************************************ Brilliant Idea #1 If you need something rock solid in your life and someone shared this podcast with you, or you think you already subscribed on Apple Podcast/Spotify, support us by becoming a transcript member.  And be sure to share with a friend or colleague if you enjoy the podcast because:  2023 marks 8th year of LCTS We want to hear your feedback It will motivate us to continue crafting more stories ************************************************************ Brilliant Idea #2 You're obviously full of wisdom and fluent in Chinese if you are listening to LCTS . We appreciate every feedback we receive, and it helps us craft the following week's Podcast. Leaving us a review on iTunes ! ************************************************************ Check out our playlists on Spotify Chinese for Superior- LCTS Chinese for Advanced-Playlist Chinese for Intermediate High-LCTS Chinese for Intermediate-Playlist Chinese for Beginners-Playlist ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️ Follow and subscribe for free Get the next episode as soon as it is available by following/subscribing it for free at Apple Podcast  Google Podcast Spotify

Are you a fan of our podcast and hungry for more? Well, we've got a treat for you! By becoming a member, you'll gain exclusive access to our treasure trove of story and story explanation transcripts. Transcript Membership Did you know that you can practice your spoken Chinese with Rui & Simeng and other language enthusiasts ? Besides having exclusive access to the transcript, you can also engage in spontaneous conversations with other learners where you can improve your Chinese speaking skills in a friendly, supportive environment. For a limited time, use code LCTS50 to get 50% off your annual membership at Checkout.  Join LCTS community and Speaking Chinese Now ************************************************************ Journey Back Home - A Conversation with YIMI In this episode, Yang Liulang shared with us his recent trip to China with his family. They went through layovers and long flights to finally arrive in Beijing. In Beijing, they reunited with family and tried to immerse their children in Chinese culture by visiting famous landmarks, but many required advance reservations. This trip gave their children a more direct understanding of Chinese culture and the various aspects of Chinese life, including using WeChat Pay and Meituan for daily activities. The only challenge was the prevalence of smoking in public places. ************************************************************ Brilliant Idea #1 If you need something rock solid in your life and someone shared this podcast with you, or you think you already subscribed on Apple Podcast/Spotify, support us by becoming a transcript member.  And be sure to share with a friend or colleague if you enjoy the podcast because:  2023 marks 8th year of LCTS We want to hear your feedback It will motivate us to continue crafting more stories ************************************************************ Brilliant Idea #2 You're obviously full of wisdom and fluent in Chinese if you are listening to LCTS . We appreciate every feedback we receive, and it helps us craft the following week's Podcast. Leaving us a review on iTunes ! ************************************************************ Check out our playlists on Spotify Chinese for Superior- LCTS Chinese for Advanced-Playlist Chinese for Intermediate High-LCTS Chinese for Intermediate-Playlist Chinese for Beginners-Playlist ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️ Follow and subscribe for free Get the next episode as soon as it is available by following/subscribing it for free at Apple Podcast  Google Podcast Spotify

Today's episode on China Business Pain Points is 'Foreign visitors to China will be able to use WeChat Pay for their transactions'.---------------------------Connect with Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors on LinkedIn here.---------------------------Thrive in China RoundtableGeared towards international companies selling to China who want to systemize & scale their China business. Each week Kristina Koehler-Coluccia hosts a complimentary deep dive into a market entry strategy or implementation guideline that will help you protect and grow your China business.If you are looking to create a solid foundation for your China business and learn how to grow and scale quickly then you can register here. ---------------------------Can Woodburn help you? I am offering a free 30mins call where we discuss the obstacles you are encountering on your China business journey and how we can help accelerate your success. Book a call here.

Today, we're breaking down one of the most important apps in the world, WeChat. WeChat is the default operating system for life and business in China. Founded inside of Tencent in 2011, it is the original super app and its 1.3 billion monthly active users can order food, message friends, play games, pay bills, shop, and more on the service. To break down WeChat, I'm joined by Connie Chan. Connie is a General Partner at Andreessen Horowitz and is well-known across Silicon Valley for her deep knowledge of the Chinese consumer technology landscape. We discuss WeChat's legendary founder, how trust is integral to the app's success, and why we haven't seen super apps proliferate in the West. Please enjoy this breakdown of WeChat.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   -----   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt   Show Notes [00:02:40] - [First question] - Overview of the super app model [00:04:43] - How apps and software from the Western world differ from WeChat [00:06:19] - WeChat's history in China and why it dominates [00:08:27] - Seeing WeChat as an OS within an app [00:09:19] - How service unification in WeChat affects privacy, identity, and marketing [00:13:16] - High-level analysis of their business model and reach [00:16:53] - What Westerners would find surprising about using WeChat [00:18:04] - History and functionality of WeChat Pay [00:23:14] - The importance of their integrated Mini Programs  [00:25:56] - Factors impacting their margin structure [00:28:51] - Holistic design philosophies for maintaining user engagement and trust [00:30:44] - WeChat's saturation point and how future growth might look [00:32:02] - How they leveraged mobile-only coding, self-disruption, and internal competition [00:37:21] - Initial app build - simplicity for steady growth [00:38:36] - How her understanding of WeChat influences her investment decisions [00:41:47] - Western companies that have super app potential [00:43:52] - Exporting the philosophy of treating your app users like friends to Western developers [00:44:25] - The relationship between WeChat and the suppliers on their platform [00:47:14] - Uncertainty caused by software regulations in China [00:47:53] - Attributes of her typical investments [00:49:42] - Lessons for operators and investors when studying WeChat's story

El departamento de Investigación de Check Point Software, ha logrado detectar vulnerabilidades en el "Trusted Environment" donde se almacenan y gestionan las contraseñas en los dispositivos móviles de Xiaomi, lo cual podría repercutir en la sustracción de información sensible, afectar a las claves de pagos de Wechat Pay o intervenir en aplicaciones Android sin privilegios para crear y firmar paquetes de pagos falsos.

Today's conversation is with Innovation and Fintech expert and author, Richard Turrin . Rich was a banker for almost 20 years and a serial innovator throughout his career. Specialising in the design and innovation of new fixed-income products, he saw firsthand how technology, finance, and regulation come together to impact innovation. He made his career by thinking “out of the box” and uses his experience now as a Consultant to put fintech and AI to work for his clients. Based in Shanghai, Rich has witnessed China become a cashless society and shares how this process and I learn more about AliPay and WeChat Pay. Beyond this, expect to learn how China has built its own Central Bank Digital Currency, how this will impact the wider world, and how this Digital currency differs to Cryptocurrency. We discuss some of the recent scandals in the Crypto space which have caused challenges with the legitimacy of some coins and projects as future potential currencies. I've been deep down the rabbit hole with Rich's newsletters and LinkedIn articles, and it's clear that CBDCs are something many counties are working towards. In the UK, Sunak announced plans for Brit coin while the US is exploring what has been nicknamed FedCoin. There's a lot of technical discussions within this episode about what sits behind these currencies, but also how they will impact our day to day lives, our privacy, freedom, and level of choice. Take 2 minutes and vote for CamBro Conversations in the British Podcast Awards before the 17th July - www.britishpodcastawards.com/vote Connect with Rich: LinkedIn - https://www.linkedin.com/in/turrin/ Twitter - https://twitter.com/richardturrin Connect with Col: Instagram: https://www.instagram.com/col.cambro/ Email List - https://mailchi.mp/548e38ba5942/colincambro Support me: MyProtein and MPCOL for 37% off - http://bit.ly/MyProteinCol

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below: Welcome to another episode of our Daily Fintech Podcast. This podcast episode is sponsored by Mercuryo. With the help of their cryptopowered toolbox, Mercuryo enables companies to take advantage of both fiat and crypto worlds and provide innovative payment solutions for end-customers. THE NEWS HIGHLIGHT OF THE DAY IS Online platforms for mobile payments and financial technology will play a big role in boosting the economy, President of China, Xi Jinping has declared. This is the most positive signal for the revival of Big Tech after almost two years of crackdowns and regulatory scrutiny of the fintech industry. JUST IN: Qatar National Bank (QNB Group) has become the first bank in Qatar to launch mobile payment services WeChat Pay and Alipay+. ALSO: Start-ups in Africa have raised more than $3 billion in the first half of 2022 and recorded their strongest June, Q2 and H1 ever. FURTHERMORE, San Antonio-based fintech company Usio, Inc. sent a letter to shareholders Tuesday announcing that New Jersey partner Voyager Digital is hitting the brakes on trading, deposits, and withdrawals — which could cause Usio's revenue to take a hit. WHAT ABOUT CRYPTO? Binance has embarked on an aggressive expansion plan in Southeast Asia where the cryptocurrency exchange is looking to capitalize on booming trading activity to establish leadership in the region and build influence in local markets. WHAT ARE THE LATEST INSIGHTS? A record 125 new European Unicorns

雖然今年 2022 年第二期消費劵，最早都要喺 8 月 7 日派發，但 6 月 23 日都係一個重要日子，因為今次大家係可以轉「會」，即係轉換消費劵的電子錢包。除咗以前已有的八達通、Tap＆Go、AlipayHK、WeChat Pay 外，今次還加入了 PayMe 及 BoC Pay。有競爭先有進步？上次消費劵是因為延續上年的方式，舊用戶不用再登記，各大電子錢包可說是零優惠。今次唔同啦！又怕新兩個對手，又想搶埋其他客，所以都有新一輪優惠，今次用聲音跟大家分享下，我最推介邊款消費劵支付工具。（原文連結: https://www.eprice.com.hk/podcast/talk/18/8418/1)

Chris Skinner is a bestselling author, independent commentator, and globally sought-after expert on financial markets and technology through his critically acclaimed website, The Finanser.More about our guest:Chris has been voted one of the most influential people in financial technology by the Wall Street Journal's Financial News, and has been an advisor to the White House, the World Bank, the World Economic Forum, and the United Nations. He is a visiting lecturer with Cambridge University as well as a TEDx speaker and is Chair of Nordic Future Innovation and a non-executive director of 11:FS.  Chris is also the author of sixteen best-selling books, including Digital Bank, ValueWeb and Digital Human as well as a children's book series, Captain Cake and the Candy Crew. His newest book, Digital For Good: Stand for something…or you will fall has recently been released last June 1, 2022.  He is also a regular commentator on BBC News, Sky News, CNBC and Bloomberg, Chris serves on various financial and fintech advisory boards, including B-Hive, Bankex, empowr, IoV42, Innovate Finance, Life.SREDA, Moven, Meniga, Pintail, Project Exscudo and Token Fund.  ------------------------------------------------Episode Guide:1:34 - What is Innovation?3:12 - Innovation before primetime5:20 - Financial Services, 3G-to-5G evolution, cloud computing, 3d printing7:33 - Facial Recognition: Mastercard and Alipay8 :36 - Defining 'Innovation Reapplication'9:58 - Wallet applications14:19 - Cash Machines: Why online banks still open physical branches17:28 - Upcoming Trends: Technology in Financial Industry21:01 - Blog post: "The best job in banking: Chief Cannibal"23:24 - What isn't innovation?  26:12 - Changes in the music industry28:15 - FinTech: innovations behind the scenes29:35 - Brazil's Nubank31:01 - China's Alipay and WeChat Pay33:20 - "Bankenstien"3402 - Advice for innovators-------------------------Resources Mentioned: Companies/Institutions: AlipayWeChat PayBrazil's NubankBlogs:The FinanserThe best job in banking: Chief Cannibal by Chris Skinner--------------------------OUTLAST Consulting offers professional development and strategic advisory services in the areas of innovation and diversity management.

Alibaba's Taobao is set to allow Tencent's WeChat Pay into its digital marketplace. How big a deal is it in the world of ecommerce? / People embrace afternoon tea trend. / Why do women look taller than men even if they are the same height?

主持：李碩宏 / 麥卓華 / 魏志豪 Samsung新機無芒貼、激光燒壞手機鏡頭… iOS 15. […]

主持：李碩宏 / 麥卓華 / 魏志豪 Samsung新機無芒貼、激光燒壞手機鏡頭… iOS 15. […]

Google plans to expand Fast Pair, Fire TV coming to more cars, and WeChat Pay will support the digital yuan. MP3 Please SUBSCRIBE HERE. You can get an ad-free feed of Daily Tech Headlines for $3 a month here. A special thanks to all our supporters–without you, none of this would be possible. Big thanksContinue reading "Google Plans to Expand Fast Pair – DTH"

Le sujet : Dans cette série spéciale paiement, faites la rencontre des acteur·rices incontournables du paiement en ligne. L'objectif ? Répondre à TOUTES les questions que vous vous posez et vous aider à trouver la meilleure solution de paiement qui correspond à vos besoins. L'invité : Philippe de Passorio devient Managing director France et Italie pour Adyen fin 2015. Après un parcours fourni en expériences business, e-commerce et CRM au niveau international, il connaît le milieu des services financiers sur le bout des doigts. Depuis Milan, où il travaille, il répond aux questions de Laurent Kretz, cofondateur de CosaVostra. Initiative : Adyen est une société néerlandaise au rayonnement international, valorisée à 71 milliards de dollars en bourse. Elle repose sur une technologie liée au schéma de paiement, qui permet de gérer son traitement à la fois en ligne et en magasin. En prenant le contrôle de la chaîne de valeurs, elle permet une plus grande flexibilité pour les commerçants. Quelques points abordés au cours de cet épisode : # Pour Philippe de Passorio, il est important de mettre le client au cœur de la discussion. Tout se joue sur sa perception de l'expérience de paiement. Les commerçants doivent adapter leur marketplace à ses préférences (iDEAL, WeChat Pay, Alipay…) et intégrer de nouvelles technologies afin de ne pas passer à côté d'une part non négligeable de leur chiffre d'affaires. # L'un des enjeux principaux du travail d'Adyen, c'est l'optimisation du taux d'autorisation. En sachant pourquoi le paiement a pu échouer, il leur est possible d'orienter le client vers une alternative rapidement afin de ne pas briser le processus d'achat. La solution n'est pas la même en cas de problème technique, d'argent insuffisant sur le compte ou de faute de frappe. # En France, les cartes bleues sont cobrandées : elles comportent à la fois l'option Visa/MasterCard et l'option Carte Bancaire. Ainsi, si le schéma de paiement global ne fonctionne pas, il est possible de passer au schéma local, à frais différents. Cette particularité est partagée avec les Italiens, qui utilisent la technologie Bancomat. # En 2021, la fraude bancaire est mieux maîtrisée, notamment grâce à la technologie du Shopper DNA. Cette dernière permet de déterminer l'identité des clients au moment du paiement en analysant leur adresse IP, leur adresse de livraison, leur adresse email, etc. Ce procédé prouve à quel point la data est importante, et que les commerçants ont un vrai intérêt à l'intégrer au CRM. # Les clients d'Adyen tirent parti des innovations du marché. Pour répondre au besoin d'Uber de rendre le paiement le plus direct possible, un outil a été développé pour passer par un compte bancaire entré au préalable sur l'application. D'autre part, la nouvelle technologie Automatic Billing Updater, en partenariat avec MasterCard, permet à Spotify de mettre à jour la carte bancaire automatiquement une fois qu'elle atteint sa date d'expiration. L'expérience d'achat est de plus en plus positive : le futur du paiement est déjà là. Pour en savoir plus sur les références abordées dans l'épisode : Le Panier : Série Spéciale Paiement Algorithme de Luhn Comprendre la directive DSP2 Pour découvrir tout ça, c'est par ici si vous préférez Apple Podcasts, par là si vous préférez Podcast Addict ou encore ici si vous préférez Spotify. Et n'oubliez pas de laisser 5 étoiles et un commentaire sympa sur Apple Podcasts si l'épisode vous a plu. Le Panier est un podcast du label Orso Media.

A China é a líder global na digitalização dos pagamentos - e a expectativa é que o país continue com este status. Uma das novidades que estão sendo implementadas no setor é o Yuan Digital, uma moeda digital emitida pelo Banco Central local. Neste episódio, Felipe Leal (StartSe), Camila Ghattas (Foreseekers), In Hsieh (Chinnovation) e Vinicius Oliveira (Foreseekers) discutem as inovações chinesas no meio de pagamentos e como o WeChat Pay está presente na rotina diária dos habitantes do país. O episódio desta semana de A Hora da China aconteceu, excepcionalmente, direto do Festival SVWC 2021 -- o maior evento de inovação e empreendedorismo da América Latina, realizado pela StartSe. --- Semanalmente, nós traremos o áudio da transmissão ao vivo do nosso programa "A Hora da China", que reúne o que está acontecendo de mais importante no país -- seja em inovação, tecnologia, varejo, fintech, cultura e muito mais! Você pode conferir a gravação ou ao vivo no www.youtube.com/StartSeOficial. StartSe, a plataforma da educação do agora. app.startse.com

In this conversation, we chat with Richard Turrin – an award-winning executive, previously heading FinTech teams at IBM, following a twenty-year career, heading trading teams at global investment banks. He's also the author of the number one international bestseller, Innovation Lab Excellence. One of his books is Cashless: China's Digital Currency Revolution, which brings the story of China's incredible new central bank digital currency to the west. He lives in Shanghai, China, where he's had the privilege of living in China's cashless revolution firsthand. More specifically, we touch on where China has gotten to in terms of FinTech and blockchain and dispel some of the myths and assumptions that people bring to the conversation. Additionally we touch on the CBDC and how that's becoming really important, and how Richard got to China in the first place and began to build a career there, and so so much more!

The Biden administration will seek a new round of trade talks with China. WeChat Pay ties up with UnionPay's Cloud QuickPass. A war epic tops the country's holiday box office. Hopson Development plans to buy a stake in Evergrande's property management unit.

This episode we're talking with fintech expert Michael Sung about China's upcoming national launch of its central bank digital currency (CBDC). Michael is the founding co-director of the Fudan Fanhai Fintech Research Center at Fudan University and the chairman of the cross-border technology-transfer company CarbonBlue Innovations.  Michael and I discuss China's motivation to launch one of the world's first CBDCs, and how it will work alongside WeChat Pay and Alipay. We also chat about what the transition to digital currency will be like for businesses, and finally, how China's use of digital currency could be the beginning of a global trend in favor of the "digitization of value."

จีนถือเป็นประเทศแรกๆ ที่ทางการนำสกุลเงินดิจิทัลมาใช้อย่างเป็นทางการ การเกิดขึ้นของ Digital Yuan จะเปลี่ยนโลกการเงินในจีนอย่างไร BREAKTHROUGH วันนี้ ชวน คุณสุพัฒน์ อำไพธนากร หัวหน้าสำนักงานตัวแทนอาวุโส สำนักงานตัวแทนธนาคารแห่งประเทศไทย ณ กรุงปักกิ่ง มาร่วมวิเคราะห์เรื่องนี้กัน สำหรับใครที่อยากเจาะลึกเรื่อง ดิจิทัลหยวน (E-CNY) เพิ่มเติม สามารถเข้าไปอ่านซีรีส์บทความเกี่ยวกับเรื่องนี้จากศูนย์ข้อมูลเพื่อธุรกิจไทยในจีน (BIC) ของสถานเอกอัครราชทูตไทย ณ กรุงปักกิ่ง, สถานกงสุลใหญ่ ณ นครเซี่ยงไฮ้ และสถานกงสุลใหญ่ ณ นครเฉิงตู ได้ที่ Blockdit ค้นหา Thaibizchina หรือ กดลิงก์ https://www.blockdit.com/series/613b30554485072e50f2ba9b

China has been doing public testing for its new digital currency, called the digital yuan or Digital Currency Electronic Payment. The introduction of the digital money, issued by the People's Bank of China, has significant implications for the future of China's payment economy and services like WeChat Pay and AliPay. To talk more about the […]

The #TechKnowledgy Show where we translate Geek into regular speak! We have a great guest co-host this week! Daniel Lewkovitz, Calamity - Home and Commercial Security https://www.calamity.com.au/ Don't forget to #SubscribeNow

When Dr Ruifeng Liu was transferred to China, it was to help the Postal Savings Bank of China roll out consumer banking for the first time through their 40,000 branches. A decade later, even banks of this size are at risk of being sidelined by a pair of young upstarts. In episode 4 of How to Lend Money to Strangers, I speak to Dr Zhong Liu and Dr Ruifeng Liu - both of whom have extensive credit careers spanning the West and the East - about the consumer credit landscape in China, what factors enabled the astronomic growth of AliPay and WeChat Pay, and the complications have arisen alongside it.   You can find a full written transcript of the show at https://www.howtolendmoneytostrangers.show/episodes/episode-04      

Alibaba and Tecent open up services to each other. According to the WSJ report, both Alibaba and Tencent are working on new plans to loosen restrictions, including introducing Tencent's WeChat Pay to Alibaba's e-commerce marketplaces, Taobao and Tmall. It comes just days after China launched a crackdown on a slew of technology companies with international listings, including Didi Chuxing, Tencent, and Alibaba. Alibaba and Tecent stocks gains 1.07% and 1.58%, respectively, as of 12pm PST on Wednesday.

Welcome to Finance and Fury. This episode is to look at Central bank digital currencies - Central banks releasing digital currencies is an inevitability at this stage - proof-of-concept programmes are currently in the works across the globe - with more than 80% of central banks looking at digital currencies – The RBA is one of them There is a lot of cover in this topic – we will define a central bank digital currency and go through why central banks are looking at pure digital currencies as an option – We will also look at what is happening in China with their plans for the distribution of the digital yuan – but also look at the alternatives the RBA is looking at   Defining the different forms of currencies in the modern monetary economy – physical and digital Physical money is easy - Think of cash in your wallet – either in notes or coins – this is physical money – when you log into your bank account and see digits on a screen – this could be considered a digital currency – but you can still convert these digits into physical money Digital currency is the name given to the electronic equivalent of physical money or cash when it is issued in a purely digital form Digital currency is managed, stored or exchanged on digital computer systems over the internet. Types of digital currencies include cryptocurrency, virtual currencyand central bank digital currency Under current legislation – you can still convert your digital currency into fiat currency, hence physical – you can withdraw digital forms of money – i.e. exchange BTC for AUD, then withdraw this AUD Currently – the digital representation of your physical money can be used via payments technologies such as online banking and electronic financial transaction point of sale – EFTPOS for short These payment methods are linked to commercial bank accounts in your own name, as well as deposit-taking mobile wallets, and gift, credit or debit cards – most people listening would have most likely used this form of payment – transferring the right to a physical currency digitally A CBDC is different to cryptocurrency – or cryptoassets based around the terminology used in legislative frameworks these are government sanctioned and centralised in their production – exactly like physical money - a cryptocurrency such as BTC or ETH does not – it is decentralised A CBDC would still have a ledger – but this would be centrally controlled and fully integrated into the financial payments system Currently - Every single day - Central banks are issuing conventional digital money to commercial banks that can then be exchanged with cash at par value – you go to an ATM to withdraw digital representations of your dollars for physical ones – the internet revolutionised this in the financial system banks used to have to store more physical currency – or at least a paper entitlement to this – to meet the demand of consumer payments - digital was never a consideration – with the decline in physical currency demand – less economic activity is conducted in this manner – so banks need to hold less physical cash - I remember going to Coles with my grandparents when I was a kid – they would take out cash for their weekly spending and pay in cash for everything – because this was how things were done in their day – today – credit and debit cards have mostly replaced cash payments In the current monetary economy - the RBA actually does issue digital currency to commercial banks through the provision of money into each bank's account within the exchange settlement account (ESA) system — However – there is no major central bank that purely issues digital currency directly to the public Whilst most currency that exists is digitised – it can still be transferred into physical currency Plus – you don't get your digital cash from a central bank – you get it through commercial banks The transfer of the monetary system from a physical currency to a digital one would be a form of a monetary reset - Let's take a step back and look at the previous monetary reset that occurred – Under the gold backed currencies – you could convert your paper money for gold at the equivalent pegged value – until this was banned by Governments on the population – in the US from 1933 – but other Central banks could still convert currency for gold under the Brenton woods system – until 1971 when any form of gold standard was abandoned Think of a Central Bank Digital Currency as a similar process of reducing your financial freedoms – you can currently convert your digital money into physical money – but when the nation adopts a pure digital currency policy, this is no longer possible – no more physical cash – everything is digitised – the same as when the population was no longer allowed to convert the currency for the asset backing it – i.e. gold This brings us to a core component of this episode – the People's Bank of China (PBoC) – which is one of the most prominent central banks globally, aims to be the first major central bank to issue digital currency for use by the general public and business – replacing physical cash This digital yuan will be fully produced and backed directly by the Chinese central government The underlying technology for this is different to the blockchain ledger, and will be controlled by the Chinese government and not distributed across the Chinese financial system - or any other nodes – like a decentralised ledger that crypto operates on   Why do Central Banks – particularly China's want a digital currency? Based around the released papers - it is suggested that the Digital Currency electronic payment system will alleviate the risks to the financial system that are present with both physical money or cryptocurrency transactions – these are anonymous counterfeiting, money laundering and illegal financing This sounds like a great argument if you are a monetary official – on the surface - because under a purely digital currency, monetary regulators can completely monitor digital currency transactions – for them this is a major plus as they will greatly increase their financial and monetary supervision capabilities – but what about for the individual in the economy – who makes up the economy So, Governments and Central Banks want to track every transaction that someone makes – this is firstly in an aim to reduce the black market economy Black market economies emerge to fill in the gaps of an imperfectly legislated economic environment – with tradies in Australia – the 10% discount to pay in cash to avoid GST In other nations that are highly regulated through central planning – black markets emerge to provide goods as well as currencies to fill in a gap – because of limitations of government controls – these sorts of economies exist mostly in communist/socialist economies like Venezuela and North Korea Where there is demand – people will find a way to fill this through providing the supply – whether it be food or drugs – if people want it and the government wont allow it – it will likely find its way onto a black market The black market fills a hole to reduce the inefficiency of the government – allows the economy to function at a greater capacity than it would under a complete governmental control – hence, the introduction of a pure digital CB currency removes this natural phenomenon to help right any wrongs that central planning creates This is particularly relevant in nations which complete central planning – socialist/communist countries like Venezuela and North Korea, or the USSR, China and Cuba in the past – the only way for people to get an allocation of food was often through the black market – but at imperfect prices due to market disruption All of these operate on cash – which cannot be tracked and measured by the government - It actually creates a completely centralised and controlled economy – the monetary authorities may view this as a win – but for the every day individual, this limits their ability to maximise their economic output – the greater limitations occur in situations where economic transactions are limited by government – countries like Australia are relatively free – but in countries like China – this could really reduce the individuals living standards if they are both cut off from cash payments and restricted in the digital payments – The most alarming factor of all of this – especially for China – this relates to their social credit score system – monitoring what you spend your money on – allows them to allocate you a score If you spend too much on alcohol, or if you are hoarding too much cash and not being a productive member of society through investing or spending this, well – you will see your score lower – even if you are friends with an alcoholic – your score will lower – then you save, spending money, cannot travel, find accommodation to live and you become homeless quickly as you are completely cut off – you can also not beg for money This digital Cb currency from China has the added element of being able to piggy back onto what is already an incredibly authoritarian system of control of its population – where if you score is also too low – now you no longer have the right to access this currency and you are shut off – with no method of redemption From an Economic perspective – monetary officials want to create the perfect world – where they can measure spending down to the exact dollar and manipulate the economy through making adjustments to the money supply and interest rates – they can also get a measure on inflation They have been trying to do this for decades but with little effect – think about monetary policy for a minute – the control over interest rates is aiming to control behaviours of individuals that make up the economy – if there are lower interest rates, this based on the rational models that entities like the RBA have, which theorises that a lower interest rate should decrease the incentive to save cash and instead people will spend it – this should then increase inflation and then interest rates can increase over time – but these models aren't perfect – as unintended consequences occur – what happened in practicality is that the lowering of interest rates to help increase inflation resulted in credit growth – i.e. mortgage sizes – where people were borrowing more money – whilst interest rate payments were lower per dollar borrowed, people now had more borrowed dollars – so total interest rates did decrease, but loan repayments for principal increased – resulting in more money flowing into debt repayment – hence less being spent in the economy – therefore the inflation never materialised as hoped Monetary officials think that these models aren't perfect because they don't have complete data – they don't know how much exactly each individual is spending and where they are spending this – plus, inflation is currently measured by around 0.8% of households keeping a manual diary and reporting this back to the ABS – would be much easier to have a direct line to every transaction you make and measure the relative price increases – this equals a completely centralised and controlled monetary system What they never understand is that there I no way to control a complex system like the economy – any model is never going to work as the economy is non-linear – i.e. if you put in $100 to the economy expecting a multiplier of 2 under a linear system – you would get $200 – under a non-linear system you could get $20, -$50, $100 – who knows – inputs do not equal outputs In addition – thin about Welfare payment that governments and central banks can make – a recent proposal was made in limiting spending and transactions to a card where it could only be spent on food or other essential goods – no alcohol or withdrawn as cash to spend on who knows what – this would fulfill this if CB digital currencies came into existence But also – Digital currencies in their pure form are only from CBs to commercial banks – the invention of digital CB currencies allows for the expansion of helicopter monetary policies The payment directly from a CB to your bank account – this is the basis for economic policies such as UBI based around modern monetary theory – MMT So these CB digital currencies allows for a circumvention of fiscal policy – no longer goes a government decide on welfare payments – CBs can directly pay individuals as the commercial banks would no longer be required as a financial intermediary The end result of this is Central Banks increasing their Control over the economy – We already do don't have a free market economy – money is the life blood of any economy – it is what facilitates the exchange system of the economy – but the control of the supply of money and the interest rate control affecting incentives to save or spend has completely destroyed the natural state of the economic and business cycle What is even more telling about the potential implications for us – is when looking at a speech given by the Bank of England's chief economist in 2015 – where CBDC would be the ideal mechanism to implement negative interest rate policies – if you get charged to save, then you would withdraw your cash savings and put it under your mattress – but if this is not possible, you would have no options to either spend or invest the cash Increase spending – from both the population but from a central bank through just issuing more digital currency – as well as economic transfer payments directly to the population – if this doesn't come from a government, and from the creation of the money supply – it isn't technically debt represented on a balance sheet anywhere Under the current economic environment – for governments to spend money they don't have, they get into a deficit and fund this through issuing a bond – with digital currencies directly issued from a CB – no government debt From a central bank's point of view – a digital currency can also reduce the costs involved in handling, maintaining and recycling banknotes and coins throughout financial systems and economies It is true that it does cost money to print dollars and produce coins – There can also be currency shortages - Coin shortage in the US at the moment – the costs go up over time to produce these assets, whilst inflation reduces the real value of the currency I did some maths for Australia – looking at the 20c coin – it weighs 11.3g – and constitutes 75% copper and 25% nickel – well at current market prices this represents around 7c of nickel and 11c of copper – so even the raw materials are worth around 18c – let alone the manufacturing costs – so in producing a 20c coin, the RBA may actually be losing money if commodity prices continue to rise     China is serious about this – they are rolling it out - It will initially be distributed to all commercial banks affiliated with the Chinese central bank such as the Agricultural Bank of China First phase - it is designed as a replacement for China's Reserve Money (M0) – this is the monetary reference to central bank notes and coins – it is essentially the base money supply on which banks can extend the money supply to commercial banks Second Phase - it will be distributed to large fintech companies such as China's Tencent and Alibaba to be used alongside their WeChat Pay and Alipay inhouse payments respectively The first public testing is already going on - in October 2020 - China's central bank issued 10 million yuan ($2 million AUD) of digital currency to 50,000 randomly selected consumers This digital currency is available for transactions across 3,389 retail outlets in Shenzhen Next phases of testing - 4 key cities are going to be the first cities to test the use of the DCEP These cities will be closed economies – where pilot tests and this is testament of digital currencies - Beyond this first stage of domestic integration – China is thinking of internationalising the RMB by offshoring the yuan into Hong Kong and Singapore Multinational foreign firms – companies such as McDonalds and Starbucks will also take part in the DCEP testing alongside local hotels, supermarkets, postal lockers, bakeries, bookstores, gyms   Does this relate to Australia and why would cash disappear? Studies by the Reserve Bank of New Zealand (RBNZ) suggest there are two main reasons why cash could disappear Cost - The relative cost of its use of physical cash compared to digital methods – as we went through earlier in the episode – the major reason to get rid of a fiat cash is if it is worth more than what the value you attribute to it is – i.e. why spend 0.21c to produce a 0.2c coin?   Undesirable outcomes – Central banks think that physical cash has a socially undesirable outcome – i.e. the attractiveness for tax evasion, money laundering and illegal transactions In Australia - large-scale cash transactions have been deemed such a social risk that in 2019 the Currency (Restrictions on the Use of Cash) Bill 2019 was introduced in Federal Parliament to ban cash transactions over $10,000 – this is a step to limit cash How the RBA views this topic on alternative digital payment methods Australia's digital version of the Australian dollar (AUD) will be some way off In 2020 - The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC. From a central bank/governmental perspective - The benefits have been acknowledged to include improved financial tracking cost reductions from reduced production and general handling of coins and banknotes. In China, Australia and elsewhere, the cashless trend is seen to be strong with both business and consumer habits seen as key drivers in the likely seamless adoption of a DCEP.  China is the first mover – where they are cracking down on crypto assets – as they are implementing their own digital currency - China wants complete control – any nation that implements this also likely wants complete control Be prepared for the next decade of change – as central banks adopt digital money – replacing physical currency Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/ 

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Guests:Bob Hockett (twitter.com/rch371) Larry White (twitter.com/lawrencehwhite1)Host:Richard Yan (twitter.com/gentso09)Today's motion is “The US urgently needs to catch up on CBDC.”Central Bank Digital Currencies are sort of like government-run Paypal accounts. They allow the government to do scalpel-like fiscal policies more easily, such as airdropping cash to citizens and stimulating spending. At the same time, CBDC could also allow the government to track individual spending behaviors. China is obviously leading the effort in CBDC adoption for all major countries. As of recording time, it's already run multiple trials in various major cities. This has spurred a debate as to whether the US should follow suit.We discussed:* CBDC and privacy * The consensus from the right and the left on the importance of CBDC, but the lack of urgency for implementation* Countries adopting Bitcoin as a legal tender* Hype vs reality: The possibility of China's CBDC becoming a currency to settle international trade and therefore be a real threat to USD* CBDC's potential cannibalization of private banks If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate (and supplemental material):Bob's article explaining his position: https://thehill.com/opinion/technology/497427-americas-digital-sputnik-momentLarry's article explaining his position: https://www.cato.org/cato-journal/spring/summer-2021/should-state-or-market-provide-digital-currencyGuest bios: Bob Hockett is a professor at Cornell Law School, focusing on Corporate Law and Financial Regulation. He is a fellow of the Century Foundation and a regular commissioned author for the New America Foundation. Bob also does regular consulting work for the Federal Reserve Bank of New York, the International Monetary Fund, Americans for Financial Reform, the 'Occupy' Cooperative, and a number of federal and state legislators and local governments. He is the author of the book “Financing the Green New Deal: A Plan of Action and Renewal.”Larry White is a senior fellow at the Cato Institute's Center for Monetary and Financial Alternatives. He is also a professor of economics at George Mason University. He has written five books on banking and monetary policy, including The Clash of Economic Ideas, The Theory of Monetary Institutions, and Free Banking in Britain. He is editor and co-editor of various publications, including Renewing the Search for a Monetary Constitution and The History of Gold and Silver. He also writes regularly for the Center for Monetary and Financial Alternatives publication called Alt‐​M.

"On se fait un Lydia ?" En quelques années, cette expression est entrée dans le langage commun. Pourtant, au lancement de Lydia en 2011, et jusqu'en 2018, l'entreprise n'avait pas de business model. On vous raconte aujourd'hui la folle ascension de cette startup entrée au Next40 avec l'un de ses deux fondateurs, Cyril Chiche. "On avait vocation à créer une entreprise à grande échelle BtoC mais on n'avait pas les moyens". Lydia se lance donc sur le BtoBtoC. Sur le papier ça semble idéal. Pourtant, ça n'a pas été une promenade de santé. Après avoir tenté de pénétrer les marchés des taxis, des médecins, des plombiers, un constat s'impose : "c'était une débacle". La consécration viendra d'un échange avec l'équipe dans l'une de ces réunions ouvertes, où chacun peut prendre sa place, qui font probablement la réussite de Lydia. Ce sera un stagiaire qui émettra l'idée que le service pourrait intéresser son BDE, et plus largement les étudiants. La viralité sera au rendez-vous. L'aventure du paiement Peer to Peer est née pour Lydia et la marque a pu entrer dans l'imaginaire de ses utilisateurs. Le temps est passé et le modèle a été trouvé. Aujourd'hui, lorsqu'on parle de Lydia, viennent les expressions Cashless - Open Banking - Néo Banque - Méta Banque. Cyril Chiche et son associé Antoine Porte ont élargi le spectre et les ambitions pour devenir une "super app bancaire" permettant à leurs utilisateurs de gérer leurs différents comptes bancaires depuis l'application, ou encore d'accéder en quelques clics aux crédits consommation grâce à un partenariat avec Younited Credit, poke à nos amis du Next40 déjà reçus à notre micro. Quels ont été les impacts de l'arrivée de Tencent au capital, également actionnaire de Wechat Pay ? Quels sont les enjeux technologiques et les ambitions de Lydia pour les prochaines années, en France et à l'international ? Quid du paiement entre particulier, l'utilisation du cash ou les relations avec les investisseurs en période de pandémie mondiale ? Pense-t-il vendre un jour son entreprise ? Y a-t-il déjà eu des offres de rachat ? Sur ces questions comme sur celles plus personnelles, Cyril Chiche se livre sans détour et sans aucune langue de bois.

"On se fait un Lydia ?" En quelques années, cette expression est entrée dans le langage courant. Pourtant, au lancement de Lydia en 2011, et jusqu'en 2018, l'entreprise n'avait pas de business model. On vous raconte aujourd'hui la folle ascension de cette startup entrée au Next40 avec l'un de ses deux fondateurs, Cyril Chiche. "On avait vocation à créer une entreprise à grande échelle BtoC mais on n'avait pas les moyens". Lydia se lance donc sur le BtoBtoC. Sur le papier ça semble idéal. Pourtant, ça n'a pas été une promenade de santé. Après avoir tenté de pénétrer les marchés des taxis, des médecins, des plombiers, un constat s'impose : "c'était une débacle". La consécration viendra d'un échange avec l'équipe dans l'une de ces réunions ouvertes, où chacun peut prendre sa place, qui font probablement la réussite de Lydia. Ce sera un stagiaire qui émettra l'idée que le service pourrait intéresser son BDE, et plus largement les étudiants. La viralité sera au rendez-vous. L'aventure du paiement Peer to Peer est née pour Lydia et la marque a pu entrer dans l'imaginaire de ses utilisateurs. Le temps est passé et le modèle a été trouvé. Aujourd'hui, lorsqu'on parle de Lydia, viennent les expressions Cashless - Open Banking - Néo Banque - Méta Banque. Cyril Chiche et son associé Antoine Porte ont élargi le spectre et les ambitions pour devenir une "super app bancaire" permettant à leurs utilisateurs de gérer leurs différents comptes bancaires depuis l'application, ou encore d'accéder en quelques clics aux crédits consommation grâce à un partenariat avec Younited Credit, poke à nos amis du Next40 déjà reçus à notre micro. Quels ont été les impacts de l'arrivée de Tencent au capital, également actionnaire de WeChat Pay ? Quels sont les enjeux technologiques et les ambitions de Lydia pour les prochaines années, en France et à l'international ? Quid du paiement entre particulier, l'utilisation du cash ou les relations avec les investisseurs en période de pandémie mondiale ? Pense-t-il vendre un jour son entreprise ? Y a-t-il déjà eu des offres de rachat ? Sur ces questions comme sur celles plus personnelles, Cyril Chiche se livre sans détour et sans aucune langue de bois.

On today’s show we’re talking about government playing a central role in monitoring every single financial transaction in a nation. Crypto-currency has been hailed as a way to break free from the chains of government based fiat currency. So far, many nations have not weighed in on crypto-currency. The two best known forms of crypto-currency are Bitcoin and Etherium. But in truth there are several thousand such currencies in existence. They vary in their features and functionality. Governments are clearly afraid of losing monetary control over their economies. They are not about to surrender control of the money supply to a merry band of independent software programmers. I expect we’re going to see governments start to implement their own version of a crypto currency in order to sell the benefits of crypto to the general public. The first country to start the rollout of a digital currency is China with the digital Yuan. So far, the country has the currency undergoing limited trials. Benefits that some users report include the convenience of paying with their smart phone. This is similar to the convenience of paying with something like Apple Pay on your phone. But in this case, there is no middle-man, and there are no transaction fees that are typically associated with digital wallets. Digital wallets like Ali-pay or Tencent’s WeChat Pay have received wide adoption in China with over 700 million users of these systems today. Both companies are required to share transaction information with the central government if requested. Right now, the central bank has the a trial with about 700,000 users participating in a trial. The central bank has said that they intend to protect privacy. This means that privacy may exist horizontally. If you buy groceries at the store, the grocer won’t have any information about your identity. But vertically the government has full visibility of all of your transactions and funds. Now I’m not a huge conspiracy theorist. But the fact is, giving government full oversight over every single transaction in the economy represents a massive invasion of privacy. In case you think this is only happening in China, think again. The president of the Federal Reserve Bank of Cleveland made comments last September at the Chicago Payments Symposium conference. In her speech, she outlined a number of initiatives underway at the Federal Reserve. Legislation has been proposed that each American has an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments. Other proposals would create a new payments instrument, digital cash, which would be just like the physical currency issued by central banks today, but in a digital form and, potentially, without the anonymity of physical currency. The Indian crypto community is closely watching whether the Indian Federal government will ban cryptocurrencies, including bitcoin. The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” If you’re keeping you cash in your own Digital wallet that is located on your phone, what happens to all the bank deposits? If there are no bank deposits, how is the bank going to have sufficient funds to lend money out? Of course they don’t have enough money now. They only keep 10% of the loans on their books in deposit reserves now, and in some countries in Europe, only 3%.

GPay is Google’s app for payments, financial services, rewards, and, is expanding its capabilities, its partnerships, and its ambitions. Join Glenbrook’s George Peabody and Yvette Bohanan as they talk GPay with Steve Klebe, Google's head of GPay business development and Google's Processor and Partnerships work. Fairly recently, Google’s payments services were a disjointed collection of point solutions. Today’s GPay is far more than a rebranding job. Listen between the lines to what Steve has to say. The implications are many. Way More Than a Wallet A lot has happened since Steve joined us in July 2019. GPay has added incentives and loyalty more deeply as well as added expense management with automatic receipt discovery when sent to your Gmail account or via the camera. The incentives can turn into real money. In the U.S. Google has teed up its Plex bank account offerings in partnership with Citi and Stanford FCU (other FIs to come) for launch in 2021. You can already add bank accounts to GPay through Google’s partnership with Plaid. GPay is becoming a very competent user interface to the banking services offered by the FIs themselves. Google provides the UX and the data that matters. The bank does what it does. Does this disintermediate the banks or give them a new channel through which they can offer their services? We will decide but personal experience suggests the GPay interface has a lot going for it. Google has added these new capability and consolidated others under the single GPay roof. Its ambitions now go beyond simply being a repository for payment credentials and loyalty cards with a sprinkling of P2P payments on top. Exercising Open Banking One of the major payments and fintech trends for 2021 is open banking, the ability of third parties to access accountholder data. PSD2 has driven this in Europe and India’s Unified Payment Interface (UPI), both pushed by mandate, enables a vigorous open banking ecosystem in that country. Google Pay, formerly Tez, has been a huge success in India. Of course, market pressure is the driver in the U.S. Google is now exploring the potential for GPay to assume the role of "super app" along the lines of WeChat Pay or Alipay. Yes, that’s a big leap but there are hints of its ambitions. For example: Google has built over 100 HTML games optimized for low bandwidth networks and low memory smartphones, all targeted toward supporting its NBU (Next Billion Users) effort. GPay will be one of the presentation surfaces for these GameSnack. Fairly recently, Google’s payments services were a disjointed collection of point solutions. Today’s GPay is far more than a rebranding job. Listen between the lines to what Steve has to say. The implications are many.   Read the transcript Find more podcasts at Payments on Fire® Read expert payments industry commentary at Payments Views Read the latest at Payments News. Subscribe here Read our COVID-19 Payments Industry eBook

China's Digital Currency Could Challenge Bitcoin and Even the Dollar China's Digital Currency Could Challenge Bitcoin and Even the Dollar People in China are no strangers to digital payments—if anything, it's easier to move around and shop in Shanghai or Beijing with an Alipay or WeChat Pay smartphone app than it is bearing a pocketbook filled with yuan notes. Now the Chinese government has begun a pilot program for an official digital version of its currency—with the likelihood of a bigger test at the Beijing Winter Olympics in 2022. Some observers think the virtual yuan could bolster the government's power over the country's financial system and one day maybe even shift the global balance of economic influence. Most money that gets swapped around electronically is just credits and debits in accounts at different banks. China's digital cash is designed to be an electronic version of a banknote, or a coin --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In today’s episode: After speculation that the tech big shot had fallen foul of the law, Ma resurfaced at online event celebrating rural teachers; why Beijing could still face ‘Trumpism’ even without Trump; and Bytedance turns up the heat on WeChat Pay and Alipay by launching its own digital payment service.

Mobile payment options are doing more than easing the way we pay for goods and services. What are the new trends on how we spend our hard earned cash parked in our digital wallets? / Do you have a career plan B? / Heart to heart

EMBARGOED! kicks off 2021 with somber reflections on the riot at the U.S. Capitol before pivoting to (what else?) China to consider the new E.O. targeting AliPay, WeChat Pay, and other Chinese apps, the official arrival of BIS’s MEU List, and the latest guidance from OFAC relating to securities investments in Chinese Military Companies. After that, Brian and Tim check in on the latest developments in a rare North Korea sanctions prosecution in SDNY and then wrap up, in the Lightning Round, by briefly covering a successful court challenge to the ICC-related sanctions program and the passage of expanded Nord Stream 2 sanctions.*********Questions? Contact us at podcasts@milchev.com.EMBARGOED! is not intended and cannot be relied on as legal advice; the content only reflects the thoughts and opinions of its hosts. Timestamps:0:10 Introduction and Roadmap 4:30 Some Brief Reflections on Treason, Sedition, and Insurrection by POTUSThe Rundown 16:54 New E.O. re: AliPay and Other Chinese Apps 28:47 The Military End User List 39:00 Latest Guidance on CCMC E.O. 51:10 Prosecution of Crypto Bro in SDNY59:52 Lightning Round 1:00:18 PI in ICC Litigation in SDNY 1:05:57 Expanded Nord Stream 2 Sanctions1:12:40 Final Thoughts***Stay sanctions free.***

Today on The Leaders' Brief - US President Donald Trump signed an executive order last Wednesday, banning eight Chinese applications, including popular payment platforms Alipay, QQ Wallet, and WeChat Pay. The other applications included in the order, slated to come into effect weeks after President-Elect Joe Biden has replaced Mr. Trump at the White House, include CamScanner, ShareIt, VMate, and WPS Office.  China continues to invite the world's ire by blocking teams from investigating the origin of the SARS-CoV-2 virus. Recently, Beijing blocked the entry of two scientists commissioned by the World Health Organisation (WHO). Last month the WHO had announced that it would be sending a team of 10 scientists to Wuhan to study the origins of the COVID pandemic. Nepal's Supreme Court on Wednesday, began hearings on petitions challenging Prime Minister K.P. Sharma Oli's sudden decision to dissolve parliament. The Prime Minister had, after losing the support of a majority of his parliamentarians, decided to dissolve the Nepal Parliament in a move that came as shock to China. About egomonk: Website | Facebook | Twitter | LinkedInegomonk is a global intelligence platform delivering asymmetric outcomes by bringing organizations closer to the communities they want to serve and the leaders they wish to influence. If you wish to collaborate with us then email us at contact@egomonk.com.

Der Mai hatte es wieder Mal in sich. Covid-19 hat die Welt und deren Wirtschaft weiterhin vollumfänglich in Beschlag. Forscher und Wissenschaftler suchen immer noch händeringend nach einem Impfstoff, die Infektionszahlen sinken jedoch, zumindest in Deutschland und die Bundesregierung gibt sich mit umfangreichen Lockerungen zufrieden. Die Welt schaut gebannt auf Amerika, nicht dass das Land schon mit der höchsten Sterberate im Zuge von Corona zu kämpfen hat, nein auch ihre fragliche Führungspolitik und die vielen versäumten Strukturänderungen zeigen gerade ihr hässlichstes Gesicht. Mit dem Tod von George Floyd überrennt das Land eine Welle an Protesten, die sich gegen eine fremdenfeindliche und antirassistische Politik aufbegehrt. Doch obwohl das Land brennt und die Krise Trumps politisches Versagen offenbart hat, spricht er nicht die ganze Nation an - sondern ausschließlich seine rechtskonservative Basis, seine meist weißen Wähler - so sad, so fatal, so gefährlich. Doch auch in unsere Branche war fernab des globalen politischen Geschehens wieder viel los. Jochen und André haben sich abermals wieder zum Kommentieren verabredet und sind die News des letzten Monats durchgegangen. Und darüber haben sie gesprochen: - WeChat-Betreiber Tecent steigt bei Afterpay ein - Robin Hood sammelt Geld ein – Bewertungsgewinn dennoch gering - Andreessen Horowitz legt zweiten Krypto-Fond auf - Internationale Investoren legen 100 Mio. Dollar bei N26 nach - N26 entlässt coronabedingt Teile der US-Belegschaft - Berliner Fintech RIDE übernimmt Fritzi - Buchhaltungs-Software Unternehmen Zeitgold sammelt 27 Mio. Euro ein - Russisches Fintech Finom will deutschen Markt erobern - Comdirekt: Übernahme perfekt - Prospertity Company nutzt White-Label Banking von Finleap Connext und solarisBank - Penta schafft kostenlose Konten ab - Klarna erringt Sieg vorm BGH - Varengold Bank und Wirecard unterstützen Fintechs nun zusammen - Anyfin sammelt Geld ein - H&M führt Klarnas Rechnungskauf in Deutschland ein - Decathlon führt Selbst-Check-out „Scan&Go“ in Deutschland ein - Monzo: Trotz frischem Kapital deutlich niedrigerer Bewertung? - WeChat Pay führt Kreditscoring für 600 Millionen Nutzer ein - Check24-Bank erhält Bafin-Lizenz und soll am 1. Oktober starten - Sparkassen-App bietet nun auch Kontoeröffnung an - Viva Wallet startet in Deutschland - Fyrst nimmt Versicherungen und IT-Sicherheit ins Angebot auf - Premiere des digitalen Beratungstools von Deutsche Vermögensberatung und Finleap - Verimi erhält eIDAS-Zulassung für Einsatz in öffentlicher Verwaltung - Novi statt Calibra: Facebook benennt seine Libra-Geldbörse um - Bitbond kooperiert mit der Börse Düsseldorf - Stripe expandiert in weitere europäische Länder - Zinspilot-Betreiber Deposit Solutions partnert mit Hamburger Sparkasse - Yomo - es ist aus & vorbei - Neue Challenger Bank kommt von Naga - Payment-Anbieter gründen eigenen Verband -

Im März war viel los. Nicht nur Mediziner sprechen angesichts der Corona-Pandemie von einer „historischen Zeit“, auch die Wirtschaft steht vor Herausforderungen von bislang unbekanntem Ausmaß. Es wird die traditionelle Wirtschaft ebenso treffen, wie Digitalunternehmen und auch die Fintechs. Die aktuelle Lage fordert uns allen viel ab. Zumindest gab es viele News rund um das allgegenwärtige Thema. Jochen und André haben sich demnach wieder zum Kommentieren verabredet und sind die News des letzten Monats durchgegangen. Und darüber haben sie gesprochen: - Bundesregierung beschließt historisches Hilfspaket für Firmenrettungen - Kontist entwickelt Tool zur schnellen Hilfe - Penta startet Petition für Selbständige und Unternehmer - Leaf und Stripe rufen Gutscheinportal ins Leben - Mastercard erhöht Limit für PIN-loses Zahlen - SumUp bietet Distanzzahlungen an - Deutsche zahlen zunehmend kontaktlos - Modularbank startet in Deutschland - Ant Financial führt Klarna wieder an die Spitz - Transferwise ermöglicht künftig Überweisung an Alipay-Nutzer - Funding Circle schließt Berliner Büro - Deutsche Börse startet Nachhaltigkeits-DAX - Hohe Geldspritze für Fincompare - Business-Angel investieren in Trade Republic - Neuer Kooperationspartner für Raisin - Wirecard bietet Integration von WeChat Pay an - Revolut startet Finanz-App eigens für Kinder - Digital Identity: Finleap investiert in „The Ego Company“ - Finata stellt Deutschlandgeschäft ein - Monedo erhält 3,2 Millionen Euro - Check24 stellt Finanzmanager ein - Bunq bringt grüne Kreditkarte in 30 europäische Länder - Revolut startet in den USA

The China tech scene has been on the rise for the past decade. However, challenges still exist (and are actually increasing in number) for foreign companies looking to enter China and vice versa.            As the first foreign correspondent to interview Jack Ma, Rebecca was witness to the eCommerce tycoon's early days as an entrepreneur. She remembers him as being charismatic, honest, and open. She notes that he did not seem to have any handlers around him listening to their conversation—although the situation is quite the opposite today.            With Jack Ma's departure as Chairman of Alibaba and his replacement by Daniel Zhang, Rebecca believes that the company will only continue to innovate and thrive with the new leadership. For example, 11.11, or Singles' Day, was Daniel's highly successful brainchild.            With regards to the US and China's respective strengths over each other, Rebecca brings up Kai-Fu Lee's assertion that both countries are on the same level with regards to the development of artificial intelligence; however, China is implementing these technologies faster than the US is. At the same time, the US has the R&D lead on AI. China is also implementing 5G and all-things mobile (particularly when it comes to payments such as Alipay and WeChat Pay) at breakneck speed.            When a foreign brand decides to enter China, it's important to put the right managers in place and not giving autonomy to the local staff when it comes to decision-making. This is mainly for purposes of communication speed, considering that the Chinese economy is moving incredibly fast. Waiting a week or two—or even overnight—for a decision may cost the brand any edge they have.            “The challenges in China are more pronounced than in other markets,” says Rebecca. Think carefully on whether entering China, out of every other country, is really the best next step for your company.

GGV Capital's Hans Tung and Zara Zhang interviewed Zilin Chen, founder and CEO of BingoBox, China's first scalable 24-hour cashier-free convenience store and a GGV portfolio company. BingoBox features a smart counter for a staffless check-out experience, and uses RFID and computer vision to keep track of items. Users scan a QR code to enter the store, and pay via Alipay or WeChat Pay. BingoBox is a pioneer in a phenomenon known as "new retail" in China, commonly understood as using technology to transform offline retail. BingoBox was launched to public in August 2016 and now has over 300 boxes in almost 30 cities in China. GGV led BingoBox's series A investment in July 2017. The company raised another $80 million in series B this January, which GGV also participated in. Zilin discussed how the idea for BingoBox came about, how BingoBox differs from Amazon Go, and the technology and unit economics behind the stores. The episode also features a bonus interview with Eric Xu, GGV Capital's managing partner based in China, who led our investment in BingoBox. Eric discussed the meaning of "new retail" and what made him want to invest in BingoBox. The full transcript of this episode is available at 996.ggvc.com/2018/08/15/episode-18-zilin-chen-of-bingobox-on-the-future-of-new-retail-in-china/. Join our listeners' community via WeChat/Slack at 996.ggvc.com/community. GGV Capital also produces a biweekly email newsletter in English, also called “996,” which has a roundup of the week's most important happenings in tech in China. Subscribe at 996.ggvc.com. The 996 Podcast is brought to you by GGV Capital, a multi-stage venture capital firm based in Silicon Valley, Shanghai, and Beijing. We have been partnering with leading technology entrepreneurs for the past 18 years from seed to pre-IPO. With $3.8 billion in capital under management across eight funds, GGV invests in globally minded entrepreneurs in consumer internet, e-commerce, frontier tech, and enterprise. GGV has invested in over 290 companies, with more than 45 companies valued at over $1 billion. Portfolio companies include Airbnb, Alibaba, Bytedance (Toutiao), Ctrip, Didi Chuxing, DOMO, Hashicorp, Hellobike, Houzz, Keep, Musical.ly, Slack, Square, Wish, Xiaohongshu, YY, and others. Find out more at ggvc.com. Listen to past episodes of our sister podcast, Founder Real Talk. It is a biweekly show that discusses challenges that founders and executives face and how they grow by dealing with them. The show is hosted by Glenn Solomon, managing partner at GGV Capital.

In this episode In a fun packed episode, David is joined by regular guest Ghela Boskovich, alongside Edward Maslaveckas, Jeff Tijssen and Gabrielle Inzirillo, who made her Fintech Insider debut, having only just stepped off the Eurostar from Paris. The team discuss whether or not cash transactions are dying out in the UK thanks to the convenience of contactless payments – (1/3 of all card transactions are now contactless) – and the UK's reduction in reliance on credit cards overall. Conversely, on the other side of the pond the US are now “hooked on credit”, is this the result of glamorous loyalty programmes or poor financial education? They also debate whether or not the UK cares about challenger banks; what the implications are of Stripe going after the Chinese market with integration of Alipay; US's reluctance to adopt APIs; Revolut's move to take on the Asian market following major investment; and how freaked out you'd be if your ATM started sending you handwritten messages, along with much more. Guests Ghela Boskovich – Founder and Global Ambassador, FemTech Edward Maslaveckas – CEO and Co-founder, Bud Jeff Tijssen – Head of Fintech and Partnerships, Capco Gabrielle Inzirillo – Founding Member, BNP Paribas, Plug and Play News this week Business Insider – UK card payments overtake cash, but less bought on credit – Link – Business Insider – America is hooked on credit cards — and it's pretty clear why – Link Finextra – Brits unmoved by new digital challengers – Link Guardian – Lloyds Bank brings in single overdraft rate in radical shake-up – Link Tech Crunch – Confirmed: London fintech Curve raises $10M Series A – Link  Business Insider – Worldpay shares drop sharply after it agrees a £9.1 billion deal with Vantiv – Link Finextra – HSBC and Barclays join EU project to test the use of digital IDs for cross-border banking- Link Tech Crunch – Stripe adds support for Alipay and WeChat Pay, China's top digital payment services- Link  Finextra – Nacha sets sights on standardised APIs – Link  BBC News–  RBS agrees £3.65bn settlement over risky mortgages in US – Link  CNBC –  Revolut raises $66 million in venture capital investment; eyes expansion in Asia & US- Link Guardian – Texas man trapped inside ATM rescued after passing notes through receipt slot – Link The post Ep. 113 News: Is Cash Dying? appeared first on 11:FS. Special Guests: Edward Maslaveckas , Gabrielle Inzirillo, Ghela Boskovich, and Jeff Tijssen.

In this episode Our last news show at Level39, Aden Davies is on point for the first time, as we dive into the world of ageing plastic cards, whether social networks should be their own police force, there's an update from the East, and just how legacy banking systems are maintained… the answer is cowboys. Don't forget you can use our code 11FS17 to save £100 on your ticket to the Global Digital Banking Conference (http://www.globaldigitalbanking.com/). Guests Joining us for this week's analysis of the news: Anna Irrera, Fintech Correspondent at Reuters James Lloyd, Asia-Pacific Fintech Leader at EY Ghela Boskovich News this week Engadget – Smart card Plastc goes under despite $9m in preorders, without shipping a single card – Link BBC – Mastercard reveals credit with fingerprint sensor – Link Business Insider – Allianz goes for Lemonade – Link Guardian F8 Roundup – Shark AR, Mind reading technology & group payments – Link Bank Innovation – 5 financial services bots launched at facebook-f8/ Link   The Paypers – Alipay, Wechat Pay reach USD 2.9 trillion online payments in China – Link Finextra – Robinhood app rises $110 million series C at a $1.3bn valuation – Link Token.io raises $15.7m series A funding from Octopus, EQventures and OP Financial – Link Reuters – Banks scramble to fix old systems as ‘COBOL Cowboys' ride into the sunset – Link Techbullion – Top 10 Fintech Influencers to follow on Twitter – Link The post Ep245 – Mandatory Listening appeared first on 11:FS. Special Guest: Ghela Boskovich.