PUBLISHED: 26 SEPTEMBER 2019
AUTHOR: FINTECH CIRCLE
UK-China fintech dealflow highlights from the last 6 months. Regulatory and technological bridges forged through understanding and partnerships for a more connected global fintech ecosystem.
China’s Bank of Communications signs for CPP card Loss Reporting Service
Financial services and insurance company CPP Group Plc has partnered with Bank of Communications (BoCom) providing it’s Loss Reporting Service. This will be available to BoComs app, the second biggest banking app in China providing their customers online assistance in the event of losing their card. Read more
MiFinity, UnionPay to launch consumer money remittance service to China
Global payments provider MiFinity launched a new cross-border money transfer service to UninonPay card holders in China using the UnionPay network with over 7 billion cards issued. This expands MiFinity’s payment portfolio as they move into the consumer to consumer space. Read More
China UnionPay to offer European credit cards
The world’s largest card issuer, China UnionPay, completed a deal with end to end payments technology company Tribe Payments to offer debit cards in Europe. Although currently the dominant player in China’s payment market they have more recently been challenged by Ant Financial’s AliPay and TenCent’s WeChat Pay. Read more
Bank of China goes live as LCH SwapClear clearing member
The Bank of China (UK) became the first Chinese bank to become a clearing member of the LCH clearing house SwapClear service. This follows the BoC being the first Chinese banking group to provide Protected Payments Services (PPS) to LCH Ltd’s clearing members. Mr. Wenjian Fang, CEO, Bank of China UK, said “This is another significant milestone in our strategic partnership with LCH after BOC becoming the first Chinese PPS Bank of LCH.” Read more
InstaReM to ease B2B payments from Europe to China
While B2C payments have made more progress in the remittance market UK and EU business have not had an easy way to make payments to China. Money transfer company InstaReM now helps U.K. businesses to more easily connect to China’s global trade which accounts for on average €1 billion a day. Read more
Barclaycard opens up to Alipay
Processing almost half of the U.K.’s card transactions Barclays have entered into an agreement with Alipay to accept their payment app at the point of sale. This follows over 2 years of testing with pilots running in selected stores throughout the U.K. with Alipay now being rolled out to their entire network of merchants without replacing their POS system. The move comes on the back of stats from VisitBritain, which is expecting 483,000 visits from China in 2019, up 43% on 2017, with Chinese visitors expected to spend more than £1 billion this year, up 50%. Read more
Get a head start when entering the Chinese fintech market and sign up to our FINTECH Bridge China-UK Conference, 27 February 2020, London. The only conference dedicated to fintech investments and business trade deals between. For more information and to book your ticket see here.