The People’s Bank of China (PBOC) has announced that China will open up to foreign third-party electronic payment firms. The aim of the move is to increase competition in the industry currently dominated by Chinese services such as WeChat and Alipay. However, such payment firms will have to set up local businesses to gain a license and also ensure the financial information, including client data, resides in China.

Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


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