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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

Banking

The Importance of E-Wallets for Online Gaming Sites

With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.

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e-wallet

Online gambling is an industry that needs to keep up with technological trends, to make sure it stays relevant and convenient within the gambling community.

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Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

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BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

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