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China’s fintech boom puts vast personal data within state’s reach

China is quickly adopting financial technology, as both consumers and businesses are drawn to a slew of handy and efficient services

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China is quickly adopting financial technology, as both consumers and businesses are drawn to a slew of handy and efficient services.

However, the troves of data generated could become a formidable surveillance tool in the hands of the central government. The changes to society in the smartphone age can already be seen.

In 1921, noted Japanese writer Ryunosuke Akutagawa wrote of being mobbed by dozens of rickshaw drivers shortly after stepping off the boat on a visit here.

Over the following century, the basic scene remained the same, despite the shift from ships and hand-pulled carts to planes and taxis.

But recently this has changed, and the throngs of drivers at the airport have diminished.

“Getting customers using ride-hailing apps is more efficient than swarming around tourists behind the backs of the police, and the income is better,” said one unlicensed taxi driver recently.

The driver juggles three smartphones to pick up customers, and takes in several hundred yuan — dozens of dollars — via mobile payment apps every day.

China’s fintech boom puts vast personal data within state’s reach- Nikkei Asian Review

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Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

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The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

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S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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