Since regulators opened up the consumer finance market three years ago, lenders have deployed hundreds of thousands of salespeople to cash registers and even car parks across China to hand out on-the-spot loans for phones, electronic gadgets and cars. The Financial Times reports the pent up demand was huge. Millennial consumers often struggle to obtain […]
Category: Consumer
US-based payment card companies, including American Express, MasterCard and Visa, are preparing to submit license requests to operate in China within months, three people with direct knowledge of the matter told Reuters. However, it may take as long as two years or more for the companies to clear all official scrutiny, including from banking regulators, […]
A state-led push to promote winter sports in China ahead of the 2022 Olympics in Beijing will help outdoor brands maintain faster sales growth in the country than the overall sportswear market, according to the China head of German group Jack Wolfskin, Frederic Guiral de Haas. Undeterred by a lack of snow in most of China, […]
Stripe unveiled a partnership deal with Alipay and WeChat, giving the San Francisco-based startup, and users of Stripe’s online payments services, access to hundreds of millions of Chinese customers, Bloomberg reports. Alipay and WeChat Pay, dominate the mobile-payments market in China with a combined 90% share. Alipay is used by about half a billion Chinese […]
Beijing has pulled back on plans to license big technology companies to develop “social credit” scores for consumers, the Financial Times reports. The People’s Bank of China selected eight tech companies in 2015 to develop pilot programs to give consumers credit scores. The initiative was part of a government-backed effort to increase lending to hundreds of […]