PayPal wins Chinese race with full ownership of payment business

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PayPal has manged to fend off serious competition and achieve what no other foreign company has been able to do to date becoming the first foreign operator with 100% control of a payment platform in China.

PayPal wins Chinese payments race with full ownership of payment business

PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao Information Technology, on December 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.

Financial details weren’t disclosed in the data. The stake purchase came a year after it bought a 70% stake

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Irish banks form alliance for faster payments app Synch

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Four of Irelands largest banks are joining forces to launch an instant payments digital payment app, dubbed Synch, that they intent to promote to help fend off the threat posed by new payments platforms, such as Revolut and other Neo banks.

Irish banks form alliance for faster payments app Synch

AIB, Bank of Ireland, Permanent TSB and the Irish arm of Belgian bank KBC have come together to set up Synch Payments, a joint venture company to oversee the project.

Notably, Ulster Bank, whose future in the Irish market has been cast into doubt recently, is not involved in the

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PBOC extends CBDC pilot to include contactless and NFC wearables

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The People’s Bank of China (PBOC) is reported to be extending its central bank digital currency (CBDC) pilot include a contactless wallet and NFC wearables to enable users to make in-store and transit fare transactions with the digital Yuan.

PBOC extends CBDC pilot to include contactless and NFC wearables

The pilots follow the PBOC’s latest “red envelope” lottery launch in Shenzhen, offering 200 digital Yuan up for grabs, which is about $31, to 100,000 residents. Winners can use the digital Yuan to make in-store payments at over 10,000 crypto merchants across the city of Shenzhen.

The lottery in Shenzhen is

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BGC Partners launches holding company for its insurance operations

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There’s a new name entering the insurance industry in the form of Corant Global Ltd (Corant). Subject to regulatory approval, Corant will be the holding company for the insurance interests of global brokerage and financial technology company BGC Partners, Inc (BGC).

As the new name for BGC Insurance (BGCI), Corant will comprise its broking operations Ed, Besso, Piiq Risk Partners and Junge as well as the group’s MGAs Cooper Gay, Globe Underwriting and Epsilon. Each of these businesses will continue to operate under their separate brands with Corant acting as the overall holding company, as well as the investment vehicle

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