The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

The Committee on Foreign Investment in the United States (CFIUS) is conducting a national security review of Chinese company ByteDance’s acquisition of Musical.ly, in November 2017, for $800 million to $1 billion. ByteDance merged Musical.ly, an app popular among teens for making karaoke videos, with its similar service TikTok. Over the past year, TikTok has been downloaded 750+ million times, and U.S. lawmakers are concerned about its growing influence. One source said the U.S. has evidence TikTok sends data to China. Continue reading U.S. Investigates TikTok App Based on Security Concerns

India’s digital payment market is on fire, mainly due to new easy-to-use apps that also offer discounts and cash bonuses. The country’s banks, postal service and richest man (Mukesh Ambani) are investing in the arena, and even Warren Buffett, through Berkshire Hathaway, is reportedly taking a stake in the country’s leading digital payment company Paytm. Credit Suisse Group estimates that the Indian market will reach $1 trillion by 2023. China, meanwhile, already has a digital payments market valued at $5+ trillion. Continue reading Competitors Aim to Dominate India’s Digital Payments Market

Ant Financial Services Group, China’s largest online-payments company, has announced an $880 million deal to acquire Dallas-based money-transfer provider MoneyGram International. Ant Financial split off from Alibaba Group Holding Ltd. in 2011 and is controlled by Alibaba founder Jack Ma. “With the deal, Ant Financial would gain a large footprint and a brand name in the U.S. and expand its global money-transfer business, ultimately bringing it into closer competition with PayPal” and others, reports The Wall Street Journal. However, the deal could be scrutinized by the new presidential administration as global competition is being called into question, despite Donald Trump’s recent discussions with Ma to help create jobs. Continue reading Chinese Company Looks to Buy U.S. Money-Transfer Provider

China’s Ant Financial Services Group, an affiliate of Alibaba Group Holdings, is building a global network of merchants that accept its payment services via the Alipay mobile payments app. Ant Financial just announced a partnership with the online-payments arm of Thai conglomerate Charoen Pokphand Group, meaning that Chinese tourists can use their familiar payment app there. Alibaba has also launched its new Digital Media and Entertainment Group as the company continues its push into movies, online video, music, gaming and more. Continue reading Alibaba Expands Alipay, Creates Media Entertainment Group