Asia

For decades card networks and issuers outside of China have tried to enter the giant Chinese consumer payments markets, but mostly have run into walls because of shifting regulations.

EML has agreed to pay £226 million (US$290 million) to acquire Prepaid Financial Services, one of Europe’s largest e-money issuers.

China wants to balance functionality with concerns about anonymity as it works toward launching a digital version of the yuan, according to an official from the People’s Bank of China.

Singapore OCBC Bank will use Google Pay to support P2P transactions starting early in 2020, following a similar path as India, where banks have increasingly embraced Google Pay for transfers.

Alibaba Group Holding Ltd. will spend $3.3 billion to raise its stake in Cainiao, in an effort to exert more control over the logistics subsidiary that underpins its sprawling e-commerce empire.

Ant Financial’s Alipay now allows international visitors to China to pay using its popular mobile app, following up from its aggressive campaign to expand Alipay’s acceptance around the world for Chinese visitors.

Card processor i2C Inc. has formed an alliance with Ecard, a prepaid debit card targeting travelers that's accepted on both Discover and China’s UnionPay network.

Finabler’s Xpress Money cross-border transfer service has partnered with Geoswift to enable consumers in global markets to send funds in real time to Chinese bank accounts.

Western Union has gone live with a service enabling real-time cross-border remittances to India harnessing Unified Payments Interface, the central bank’s payment rails.

Ravi Menon says that Facebook's bid to create its own digital currency has laid bare shortcomings in cross-border payments and financial inclusion that banks and regulators must address.