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Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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Vietnam 

PM agrees to the use of telecommunication accounts for payment – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Leaders of telecommunication enterprises expect to participate in e-payment services. — Photo zing.vn Viet Nam News HÀ NỘI — Prime Minister Nguyễn Xuân Phúc said the Government had agreed to pilot the use of mobile phone accounts to pay for goods and services. Speaking at a conference with the Ministry of Information and Communications on Tuesday, the Prime Minister asked units to begin the use of payments via mobile phone. “The government agrees to the use of telecommunication accounts in order to boost e-payment services, making it…

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Vietnam 

Government intensifies support for non-cash payment methods – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The Government has issued measures to boost non-cash payment methods in the country this year. Under Resolution 02/NQ-CP released early this week, the Government required the State Bank of Việt Nam (SBV) to report on a project exploring depositing cash into electronic wallets without bank payment accounts. All commercial banks and payment intermediary providers must also apply QR code standards before the third quarter of this year. SBV was also instructed to co-ordinate with the Ministry of Finance to publicise details…

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AlipayHK wins bid to provide QR code payment solutions for Hong Kong’s MTR

AlipayHK, the local mobile payments partner of Ant Financial Services, said on Thursday that it has won a bid to provide QR code mobile payment solutions for Hong Kong’s MTR railway system. Commuters will have the option of entering MTR stations by linking their AlipayHK account to a separate MTR app, and scanning a QR code on their smartphones on the readers installed at the entry gates, according to the agreement signed between AlipayHK and MTR Corp. The new QR code method is offered in addition to the use of…

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Ecommerce 

Ant Financial-backed mobile payment firm Mynt seeks Philippine bank partners to grow microloans business

Mynt, the Philippine mobile payment operator part-owned by Ant Financial, is expanding its microloans offering by opening up its platform to bank partners. The move aims to use the risk-management capability of its Chinese shareholder to diversify into the internet finance marketplace. Mynt’s chief executive, Anthony Thomas, said the purchase of a 45 per cent stake by Ant Financial last year has equipped the Manila-based firm with the ability to seek out new revenue sources away from the mobile payment and remittance services run by its licensed operating arm, GCash.…

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Hong Kong builders come up with flexible payment plans to woo buyers as sales come to a halt

As Hong Kong’s property market takes a turn for the worse, some developers are coming up with novel payment schemes to offload flats amid fears sentiment could sour further. On Wednesday, Wheelock Properties announced a deferred payment plan along with steep discounts across five of its developments – Monterey, Capri, Napa, One Homantin and Island Residence. The scheme is effective from November 17 up to the end of the year. Hong Kong builders pay US$1 billion for first plot on runway of old Kai Tak airport Buyers can move into…

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Vietnam 

500 enterprises in HCM City trained to use 24/7 e-tax payment scheme – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The project will help taxpayers pay tax directly through the e-Payment gateway at any time and anywhere with internet access. — Photo tapchicongthuong.vn Viet Nam News HCM CITY — About 500 enterprises in HCM City have been trained to use a 24/7 e-tax payment system by the city’s Customs Department. The project will help taxpayers pay tax directly through the e-payment gateway at any time (including holidays) and anywhere with internet access. Customs will clear goods after receiving confirmation for successful tax payment from the banks. This…

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Ecommerce 

China’s central bank fines four companies 100 million yuan for violating payment service rules

The People’s Bank of China has slapped penalties on four payment service platforms for breaching service regulations, in a move to step up regulatory oversight of the country’s multi-trillion-dollar mobile payment market. The four companies were fined a combined 100 million yuan (US$14.65 million) by the Shanghai branch of the Chinese central bank, according to a statement. Alipay, the payment service operated by Alibaba Group Holdings’ Ant Financial Services unit, was fined 4.12 million yuan, while three other service providers paid the balance of the penalty. Alibaba owns the South…

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Hong Kong’s banking heavyweights scrap it out for business as cashless payment system goes live

Hong Kong’s leading lenders are locking horns in a battle royal for new digital payment customers, after the authorities launched their ambitious “Faster Payment System” last weekend, which now allows the transfer of money and bill payments using the swipe of a quick response (QR) code on their mobile phone. The move is considered the boldest yet by the Hong Kong Monetary Authority (HKMA), the de facto central bank, in its efforts to turn the city into a future cashless society, dominated by cutting edge smart banking systems. Individuals, companies…

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Money 

How a global payment system cashes in on the yuan’s increased use – learn Chinese

As China globalises its economy, builds itself an international financial centre and internationalises the yuan, one obstacle has steadfastly stood in the way: the Chinese language. The limited use in global finance and business of the language because of its complexity, said analysts, would have hindered Beijing’s efforts to increase the use of the yuan in global payments and transactions. That may change as global financial messaging provider Society for Worldwide Interbank Financial Telecommunication (SWIFT) localises its technologies to support the Chinese language, a move to draw more mainland Chinese…

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