Industry News

June 13, 2017

Chinese mobile-payment giants WeChat Pay and Alipay debut in Canada

Chinese mobile-payment giants WeChat Pay and Alipay debut in Canada Yorkdale Shopping Centre in Toronto, Canada started accepting WeChat Pay from May 11, 2017. (Image source: Xinhuanet) Last month, Tourism Toronto announced a new strategic partnership with OTT Financial Group, introducing WeChat Pay into Canada’s tourism businesses to boost travel and shopping consumption by Chinese tourists. This month, Alipay has also been launched in Canada, thus allowing local retailers to expand their mobile-payment offerings. WeChat is China’s most popular chat app, with over 700 million monthly active users, as of April 2016. The app also offers an abundant range of […]
June 10, 2017

China’s foreign exchange regulator implements new regulation to limit capital outflow

China’s State Administration of Foreign Exchange recently announced a new regulation to tighten controls on overseas transactions, in an attempt to control capital outflow and protect the yuan. The Chinese forex reserves shrank by about a quarter from US$3.99 trillion in June 2015 to US$3.05 trillion in November 2016, according to an article from the South China Morning Post. This year, it experienced a further drop, falling below US$3 trillion for the first time in nearly six years. Starting from 1 September, Chinese banks are required to report any overseas credit card transactions above 1,000 RMB (S$203) to the regulator. Today, […]
May 16, 2017

China’s mobile payment market surpasses the US

FOMO Pay China’s mobile payment market surpasses the US February 21, 2017 The mobile payment market in China has exceeded the US in terms of total figures and growth rates. “China’s mobile payments were nearly 50 times greater than those in the US last year,” Financial Times reported last Monday. A key reason why mobile payments are so widely accepted in China is because other non-cash payment channels are not as developed. Unlike other developed nations, China has a very low credit card penetration rate. In addition, online payments with debit cards have proven to be cumbersome, as it usually […]
May 16, 2017

Anti-Valentine’s Day aka Singles Day – The world’s largest online retail event

 Image Source: Brand Channel On November 11 every year, China celebrates Singles Day (光棍节). It was invented in the 90’s by a group of college students at Nanjing University as a day where single young people could celebrate together. Today, it is now one of the most anticipated events for online retailers around the world thanks to Jack Ma, founder of the Alibaba Group, who transformed it into a nationwide retail phenomenon with the first Singles Day online sale in 2009. In a span of 24 hours, e-retailers offer steep discounts and low shipping rates to boost sales. China’s Singles […]
May 16, 2017

FOMO Pay partners with Singapore Chinese Orchestra to enable digital payments for concert

May 16, 2017

WeChat Red Envelopes hit a new high this Lunar New Year

  The giving and receiving of Red Envelopes is a long-held tradition during Chinese New Year as a symbol of good luck and good wishes for the year ahead. However, the Chinese New Year tradition has gone digital in recent years, with multiple Chinese social messaging platforms such as Tencent’s WeChat, Alibaba and Weibo offering users a red envelope feature that allows them to send and receive money. Users must first link their bank account to their respective social messaging accounts in order to send or receive Red Envelopes. In this manner, the digital Red Envelope feature helps bring in […]