In the latest edition of the FM Intelligence Report, readers can find a thorough case study of the Chinese payments industry.
This article was written by Brian Tom, co-founder of WeCollect.
In recent years, China has come to be regarded as the world center of e-commerce, where every single day companies are exporting huge quantities of packages to almost every possible continent or country. Today, the Middle Kingdom is also one of the most important consumers of e-commerce services.
Currently, the e-commerce market in the Middle Kingdom is the largest in the world and according to the latest data its valuation should equal US$1.57 trillion by 2018. This is all through the dynamic adaptation of web services and joint action taken by important services such as small and medium-sized enterprises (SMEs), the retail industry and multinational corporations.
Currently the development rate of e-commerce moves around 30% per year, providing 20% of the total value of imports and exports.
Want know more about the Payments industry in China? Get the brand new FM Intelligence Report:
In the latest edition of the Finance Magnates Quarterly Industry Report, readers can find a thorough case study that x-rays the Chinese payments industry. At a time when the Western world uses mainly Visa, MasterCard and PayPal solutions, Asians are highly satisfied with services provided by UnionPay, AliPay and currently also WeChat Pay.
Andy Cheung, COO of WeCollect, says: “China UnionPay emerged from the offline payment space and has recently developed products for the online world. On the other hand, other major Chinese payment solutions such as Alipay and WeChat Pay evolved from the online world and has recently tried to enter the offline payment space. The next battleground will be the O2O sector where the offline and online worlds come together. As payments in China becomes more fintech focused, the major challenge of China UnionPay and banks is to leapfrog their old legacy systems in favor of new innovation and technologies.”
The first legal guidelines regarding the domestic third party payment providers in China emerged in 2010. Very quickly however, the dynamic growth of the e-commerce sector and heightened user demand forced the introduction of additional Regulation and licensing. These were issued in 2013 by the State Administration of Foreign Exchange (SAFE).
It has to be noted that the Chinese market has quite specific characteristics, and unlike most developed economics, it does not provide free cross border money transfers, adjusting the conversion of foreign currency to RMB and vice versa.
That is why the RMB and the future path of Chinese payments management policy will have an enormous impact on the future development of the local e-commerce market. It may also influence payment providers, which could force them to modify the existing infrastructure in order to allow undisturbed transaction flow.
Further globalization and transformation?
The dynamic development of the Chinese payments industry would not have been possible without the appropriate reforms introduced by the local government over decades. Foreign market participants still expect however that the Middle Kingdom through subsequent regulations will open up to foreign entities and integrate with the global community.
This would not only further push growth levels in the e-commerce industry, but also bring tangible benefits in a number of other market branches – including the financial services industry.
Want to know more about the payments industry in China? Get the brand new FM Intelligence Report:
This article was written by Brian Tom, co-founder of WeCollect.
In recent years, China has come to be regarded as the world center of e-commerce, where every single day companies are exporting huge quantities of packages to almost every possible continent or country. Today, the Middle Kingdom is also one of the most important consumers of e-commerce services.
Currently, the e-commerce market in the Middle Kingdom is the largest in the world and according to the latest data its valuation should equal US$1.57 trillion by 2018. This is all through the dynamic adaptation of web services and joint action taken by important services such as small and medium-sized enterprises (SMEs), the retail industry and multinational corporations.
Currently the development rate of e-commerce moves around 30% per year, providing 20% of the total value of imports and exports.
Want know more about the Payments industry in China? Get the brand new FM Intelligence Report:
In the latest edition of the Finance Magnates Quarterly Industry Report, readers can find a thorough case study that x-rays the Chinese payments industry. At a time when the Western world uses mainly Visa, MasterCard and PayPal solutions, Asians are highly satisfied with services provided by UnionPay, AliPay and currently also WeChat Pay.
Andy Cheung, COO of WeCollect, says: “China UnionPay emerged from the offline payment space and has recently developed products for the online world. On the other hand, other major Chinese payment solutions such as Alipay and WeChat Pay evolved from the online world and has recently tried to enter the offline payment space. The next battleground will be the O2O sector where the offline and online worlds come together. As payments in China becomes more fintech focused, the major challenge of China UnionPay and banks is to leapfrog their old legacy systems in favor of new innovation and technologies.”
The first legal guidelines regarding the domestic third party payment providers in China emerged in 2010. Very quickly however, the dynamic growth of the e-commerce sector and heightened user demand forced the introduction of additional Regulation and licensing. These were issued in 2013 by the State Administration of Foreign Exchange (SAFE).
It has to be noted that the Chinese market has quite specific characteristics, and unlike most developed economics, it does not provide free cross border money transfers, adjusting the conversion of foreign currency to RMB and vice versa.
That is why the RMB and the future path of Chinese payments management policy will have an enormous impact on the future development of the local e-commerce market. It may also influence payment providers, which could force them to modify the existing infrastructure in order to allow undisturbed transaction flow.
Further globalization and transformation?
The dynamic development of the Chinese payments industry would not have been possible without the appropriate reforms introduced by the local government over decades. Foreign market participants still expect however that the Middle Kingdom through subsequent regulations will open up to foreign entities and integrate with the global community.
This would not only further push growth levels in the e-commerce industry, but also bring tangible benefits in a number of other market branches – including the financial services industry.
Want to know more about the payments industry in China? Get the brand new FM Intelligence Report:
Crypto Gets Second Chance: Stripe Re-enters the Sector with Stablecoins
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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