One of the major nuisances for foreign visitors to China might be gone as the country’s major payment giants, Tencent (operating WeChat Pay) and the Ant Group (operating Alipay) agreed to accept foreign credit cards on their platforms. Up to now, visitors needed to have a Chinese bank account to use those common payment tools in China.
President Xi Jinping pushes the concept of “common prosperity to diminish China’s grasp between the poor and rich. China’s 49 richest tycoons have donated US$14 billion for that purpose, according to the Hurun China Philanthropy List 2022. “The top three on the list each donated around 15 billion yuan and came from internet companies,” says Hurun’s chief researcher Rupert Hoogewerf in AsiaOne.
The US and China continue to lead the Hurun global unicorn list for 2021, says chief researcher of the report, Rupert Hoogewerf, although China is slightly behind the US, according to the Free Malaysia Today. “With its flagship TikTok closing in on 3 billion daily users, [ByteDance] has now grown to become a serious challenger to Facebook,” the report said.
China’s Ant group went to great length in explaining its non-fungible tokens (NFT’s) are something completely different from the cryptocurrencies the government is targeting. Is it a smart way to avoid government measures? Fintech expert Winston Wenyan Ma highlights the dilemma created by Ant’s NFT, he tells Reuters.
China is following the European Union’s GDPR in trying to regulate the unruly data industry, says Winston Ma, Winston Ma, adjunct professor at the New York University School of Law at CNBC. China’s internet companies based for years their business models on consumers’ lack of awareness of privacy, he adds, but those days are over.
Alibaba and Tencent were high-profile casualties as the central government stepped in to regulate free-wheeling tech firms with growing financial clout. To the relief of consumers and smaller competitors, exponential growth in the tech industry is over, tells Winston Ma, former managing director of the sovereign wealth firm China Investment Corporation (CIC) in New York to Reuters.