China’s cross-border e-commerce has increased significantly, with a 15.6% rise in 2023 to 2.38 trillion yuan, driving the cross-border payment industry. Government support is growing, issuing "Opinions" to promote efficient and low-cost cross-border fund settlement services. Rapid expansion and transformation in the payment landscape include significant participation from non-bank payment institutions and ongoing regulatory efforts on licensing and compliance.

U.S. giant’s local joint venture becomes the second such foreign player in China’s market

The approval makes a Chinese joint venture of the U.S. credit card processing giant the second foreign-funded company to be granted such a clearing license in the country

Russia’s biggest lender Sberbank is considering issuing cards that use the country’s Mir or China’s UnionPay payment systems

APAC Co-President Ling Hai’s new role is part of a series of leadership changes in the American multinational financial services firm’s international operations

Though ZA, Airstar and WeLab banks are up and running, five others are still making ready as pandemic, civic unrest and stiff competition for talent slow progress

Action by People’s Bank of China signals government is speeding up financial system opening under phase-one trade accord with U.S.

Ant Financial is leveraging its ubiquitous Alipay mobile app to mount a rapid expansion into consumer lending

Central bank wants assurances that American credit card company would protect Chinese customers in the event of unilateral sanctions, Caixin has learned

China leads in QR scan-and-pay, and analysts say new partnership could allow Alipay to play a role in global standard setting for the rising payment method

Biotechnology, other value-added sectors contribute less in September to overall economy, Mastercard Caixin BBD China NEI shows