China's Economic Slowdown Continues (TWIF - China 8/29)

Chinese neobank WeBank is partnering with Thailand’s SCBX and Korea’s KakaoBank to apply for a Thai virtual banking license. 

PwC China is expected to face a six-month ban by Chinese authorities as early as September over the Evergrande audit. 

Binance partnered with Macau Judiciary Police to combat online scams. It has also announced plans to add 1,000 Roles, prioritizing compliance amid recent regulatory challenges. 

Tencent continues with reducing overseas investments by selling 2.1% of Indian Insurtech PB Fintech.

WeChat Pay is launching in Kenya, which will allow traders to settle transactions directly with China.

China and Vietnam signed an MOU on cross border payment collaboration. 

Alipay integrated 16 languages to improve foreign tourist’s user experience. 

PingPong Paymentsintegrated with leading Latam ecommerce marketplace Mercado Libre to make it easier for merchants to receive payouts. 

Chinese consumer giants are missing revenue targets, dashing hopes of economic recovery. Stock slump expected to continue as weak domestic demand persists. Investors remain cautious until signs of improvement.

UBSlowered China 2024 GDP growth forecast to 4.6% (from 4.9%) and its 2025 forecast to 4% (from 4.6%) due to anticipated weaker property activity impacting the overall economy more than previously assumed. 

Ant Group's WorldFirst faces harassment and discrimination allegations.

Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten

China’s AI Price War May Spark Global Tech Showdown

Is APAC Ready for a Cashless Future?