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Photo: Christiann Koepke / Unsplash April 26, 2021 In China’s commercial hub Shanghai, six big state banks are quietly promoting digital yuan ahead of a May 5 shopping festival, carrying out a political mandate to provide consumers with a payment alternative to Alipay and WeChat Pay. The banks are persuading merchant and retail clients to download digital wallets so that transactions during the pilot programme can be made directly in digital yuan, bypassing the ubiquitous payment plumbing laid by tech giants Ant Group, an affiliate of Alibaba, and Tencent. “People will realise that digit...

In a first for major economy, China creates its own digital currency: Report Top Searches In a first for major economy, China creates its own digital currency: Report TIMESOFINDIA.COM / Updated: Apr 6, 2021, 21:31 IST FacebookTwitterLinkedinEMail China's official app for digital yuan can be seen in this illustration picture. (File photo: Reuters) NEW DELHI: With cyber yuan, the Chinese government has reportedly created a digital currency controlled by its central bank. With credit cards and payment apps, money dealings are already some sort of virtual. But now, China is turning legal tender ...

Naspers shares slump as China cracks down on Tencent Pony Ma’s Tencent Holdings has been put on notice. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire. The token fine is just the beginning. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s Ant Group, according to people with knowledge of their thinking. Like Ant, Tencent will probably be required to establish a financial holding company to include its ...

A man walks past a sign for Tencent, the parent company of Chinese social media giant WeChat, outside the Tencent headquarters in Beijing. Tencent has already seen collateral damage from the new regulations, though investors have shrugged this off, pumping up the stock even as Alibaba was punished. — AFP Pony Ma’s Tencent Holdings Ltd has been put on notice. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire. The token fine is just the beginning. China’s top financial regulators se...

Tencent put on notice as China expands crackdown beyond Ant Group REUTERS/Aly Song Pony Ma’s Tencent Holdings Ltd. has been put on notice. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire. The token fine is just the beginning. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s Ant Group Co., according to people with knowledge of their thinking. Like Ant, Tencent will probably be required to establish a finan...