Connect with us

Banking

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

Avatar

Published

on

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

Asean

12 Things to Know about the ASEAN Catalytic Green Finance Facility (ACGF)

The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

Published

on

Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

Loading...
(more…)

Continue Reading

Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

Published

on

The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

Loading...
(more…)

Continue Reading

Banking

APAC Banks to Face Portfolio Valuation Losses As Yields Rise

The latest data suggest that Fitch-rated banks in Hong Kong, India, Indonesia, Malaysia and Taiwan have the largest AFS securities portfolios, and display particular sensitivity to changes in yields.

Avatar

Published

on

Fitch Ratings-Hong Kong/Singapore-21 March 2021: A rise in yields for long-dated sovereign bonds will result in near-term losses for Asia-Pacific (APAC) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, but the capital impact should be manageable for most rated banks, says Fitch Ratings.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,957 other subscribers

Latest

Trending