Fintech PR
China UnionPay Optimizes Payment Services with the Launch of Project Excellence 2024
SHANGHAI, March 16, 2024 /PRNewswire/ — On March 15, the launch ceremony for Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization – Project Excellence 2024 was held in Shanghai. Mr. Zhang Qingsong, Member of the CPC People’s Bank of China (PBOC) Committee and Deputy Governor of the PBOC, and Ms. Xie Dong, Vice Mayor of Shanghai, attended the ceremony and delivered remarks. The event was also attended by Mr. Wang Ping, Deputy Secretary-General of Shanghai Municipal People’s Government, Mr. Jin Penghui and Mr. Liu Xingya, Deputy Directors of the Shanghai Head Office of the PBOC, Mr. Wang Sheng, Deputy Director-General of the PBOC Payment and Settlement Department, as well as the leadership from China UnionPay, including Mr. Dong Junfeng, as well as Mr. Shao Fujun, Chairman, and Mr. Cai Jianbo, President. Other members of the audience included representatives from the Shanghai municipal authorities, major Chinese commercial banks, acquirers, merchants, overseas regulators, international partners and other global card schemes.
The State Council recently issued guidelines to further optimize payment services in China. The document aims to address the bottlenecks in payment services and improve a multi-layered and diversified payment service system in line with the payment preferences of different user groups. The release of the guidelines fully demonstrates the significance attached by the central government to the development of the payment industry and serves as a roadmap for the future growth of the industry. It is essential for building a payment service system where different payment options develop in parallel and complement each other, and for creating an inclusive and convenient payment environment to facilitate the high-quality development of the payment industry.
In order to fully implement the requirements provided by the guidelines, China UnionPay has taken the initiative to launch Project Excellence 2024 to fully participate in the campaign to improve payment convenience for the senior citizens and international visitors to China. With the goal of delivering full solutions for all use cases across China, Project Excellence 2024 will be jointly implemented and co-funded by industry participants. Specifically, China UnionPay will take the lead and direct CNY 3 billion to focus on acceptance terminal upgrades, signage placement and publicity, etc. in key cities and use cases. At the same time, led by government authorities in specific sectors, UnionPay will encourage other industry players to pool their resources. The efforts will cover 41 key cities nationwide and 26 high-frequency use cases in eight major categories including F&B, accommodation, transportation, sightseeing, shopping, entertainment, healthcare, and education. By providing comprehensive payment solutions that include cards, QR codes, OEM pay products, and cash withdrawal, the undertaking will drive parallel while complementary development of mobile, card and cash payments. Project Excellence 2024 will start in Shanghai with marketing campaigns throughout the year under the theme Explore China Your Way with UnionPay, aiming at providing more discounts and options as well as a better experience.
During the event, Mr. Zhang Qingsong, Deputy Governor of the PBOC, stated that the rapid development and accelerated penetration of mobile payment in China in recent years have been pivotal in reducing transaction costs and promoting financial inclusion; however, new challenges have also emerged, such as the digital divide for the elderly population and barriers for international visitors to China. To implement the decision and arrangements by the central government, the PBOC has swiftly set up a dedicated working group to put in place a series of measures in line with the State Council guidelines. He acknowledges China UnionPay’s quick action to pool resources with other parties, and encourages all entities to strengthen synergy and provide the resources necessary to achieve substantial results in making payments more convenient. Shanghai, as one of the main destinations for inbound travelers, has gained valuable experience in supporting the China International Import Expo (CIIE). He hopes that the city can continue to set a good example in effectively implementing more measures aiming at increasing payment convenience. The PBOC will work with relevant parties, further develop payment use cases, and coordinate efforts to address any shortcomings and weaknesses. It will make payment services more heart-warming and broadly-covering so as to contribute to China’s high-standard opening up, an optimized business environment in China, as well as greater happiness and sense of gain of the people.
Ms. Xie Dong, Vice Mayor of Shanghai, said that payment is the foundation of economy and finance, and plays a crucial role in facilitating people’s lives, optimizing the business environment, and building a thriving consumer market. The PBOC has guided all parties in the payment industry to establish a multi-layered and broadly-covering acceptance network, which enables China to become a global leader in payment services. Shanghai is the largest clearing center in the world for card-based transactions, where China UnionPay has attracted numerous businesses upstream and downstream of the industry chain to form a cluster. As the city receives a large number of international visitors each year and is also one of the first in China to enter an era of aging society, choosing Shanghai as the first stop for Project Excellence 2024 holds special significance. She believes that Project Excellence can enable senior citizens and international travelers among others to feel accepted and welcomed, and make payment services in Shanghai more accommodating. The Shanghai municipal government will fully support the Project, and it stands ready to work with all parties including the PBOC to implement the requirements listed in the State Council guidelines, aiming to develop the Shanghai Solution that bridges the digital divide and improves the multi-layered as well as diversified payment service system. Together, all parties can contribute to business environment optimization and the high-quality social and economic development.
Mr. Dong Junfeng from China UnionPay pointed out that payment service optimization is a national policy and a shared responsibility of all industry participants. China UnionPay has been implementing the strategic decisions by the central government and the work arrangements of the PBOC by fulfilling its pivotal role as a card scheme. He hopes that through Project Excellence 2024, China UnionPay can inspire other industry stakeholders to contribute their resources, promote the parallel and complementary development of card, mobile and cash payments, and respect and support customer’s rights to choose payment tools. Project Excellence 2024 is a major initiative that connects different links of the payment industry as well as a systematic one that calls for consensus and coordination across the payment industry in geographies both in and outside China. Under the leadership of the PBOC and local governments, China UnionPay will team up with banks, China UMS, and acquirers in and outside China’s mainland, and strive for extensive availability of full solutions in all use cases across China. Furthermore, UnionPay will enhance collaboration with banks and payment institutions, expedite payment code interoperability, strengthen partnership with Chinese clearing institutions, and further engage in consultations with other international card schemes to jointly establish a convenient, open and inclusive payment ecosystem. Ultimately, UnionPay products will be easy to use in every use case, offering a superior experience, more options, and higher value for the elderly and international visitors to China.
During the ceremony, China UnionPay released 29 business achievements, covering international card issuance, overseas e-wallets, and acceptance in China. Among which were agreements signed with partners from the Philippines, Australia, and Pakistan to issue three million UnionPay cards. Ten major wallets, including AEON in Hong Kong SAR, OCBC in Singapore, and the LPB e-wallet in Vietnam, now support UnionPay QR payments, which are estimated to cover 60 million potential customers. More than ten well-known online and physical merchants, including Meituan, Trip.com, Pinduoduo, JD.com, and Shouqianba, accept international UnionPay payment products. Hong Kong and Macao vehicles traveling to the mainland can enjoy seamless payments at multiple parking lots and tollgates in Guangdong Province.
At the event, UnionPay also signed collaboration agreements with Ctrip Financial Services and China Tourism Group to provide more user-friendly cross-border payment services for international visitors to China. These two collaborations demonstrate the in-depth partnership between payment and tourism sectors that collectively improves the service for inbound travelers to China. They are also the outcome of collaborative efforts by the relevant industries. Themed marketing campaigns targeting these travelers have also been launched alongside Project Excellence 2024, available at visa centers, airlines, online travel agencies, and over 100,000 merchants in several locations including Shanghai, Guangdong, Zhejiang, and Shenzhen. Nearly 20 issuers from countries such as South Korea, Thailand, and Kazakhstan will offer up to 12% cashback to their cardholders who use UnionPay cards in China. Additionally, UnionPay’s Travel Mate Asia, a card featuring popular destinations in China’s mainland, will be upgraded. The new series of card issuance programs will cover more destinations with more exciting benefits.
As a key financial infrastructure in China and one of the major card schemes in the world, China UnionPay has always adhered to the original aspiration of “Payment for the People” and has been strengthening collaboration with other industry stakeholders. With its comprehensive solutions that cover all sorts of payments regardless of the location, vehicle and mode, China UnionPay continues to make payments easier for groups such as senior citizens and international visitors to China. While improving services such as card acceptance and ATM cash withdrawal, China UnionPay has rolled out the senior-friendly version of the UnionPay App, allowing the elderly to enjoy the benefits brought by the era of digital payment. In addition, UnionPay has issued over 230 million cards outside China’s mainland, launched nearly 200 UnionPay-powered e-wallets, and extended the acceptance network to 183 countries and regions, transforming UnionPay into a global payment solution that services cardholders across the world in their everyday lives and work.
Going forward, China UnionPay will work with all industry participants to ramp up the implementation of Project Excellence, with pledges to achieve substantial progress in more key cities and key use cases.
View original content:https://www.prnewswire.co.uk/news-releases/china-unionpay-optimizes-payment-services-with-the-launch-of-project-excellence-2024-302090764.html
Fintech PR
Joe Depa named as EY Global Chief Innovation Officer to lead its global innovation strategy
- Depa will lead on the discovery and deployment of emerging technologies to help address business challenges and shape the future with confidence
- Brings deep experience in identifying new ways that can practically help business transformation through an innovation mindset and culture shift
LONDON, Nov. 26, 2024 /PRNewswire/ — The EY organization announces today the appointment of Joe Depa as the new EY Global Chief Innovation Officer, effective immediately. Within this role, he will spearhead applied innovation to help improve service delivery and guide EY teams to address and solve business challenges.
Depa joins the EY organization at a pivotal moment, as a range of emerging technologies are reshaping businesses and industries, creating a multitude of new challenges and opportunities. To keep pace, the EY organization is continuing to make significant investments in areas such as artificial intelligence (AI), quantum computing and blockchain, and most recently formed the EY.ai Global AI Advisory Council.
In his new role, Depa will be leading the organization’s global innovation strategy. This will include overseeing efforts to successfully implement emerging technologies for tangible business applications, both internally and across work of EY member firms with clients.
Raj Sharma, EY Global Managing Partner of Growth and Innovation, says:
“At this time of constant disruption, success would require a forward-thinking approach and willingness to make bold decisions, which are at the heart of an innovative mindset. We’re thrilled to have Joe’s deep experience and knowledge around AI and data to lead on our strategic approach to innovation so that EY teams can help clients shape their future more confidently.”
Throughout the last decade, Depa has worked closely with C-suite leaders and boards to bring innovative products and services to market, improve client and employee experiences, and help enhance operational efficiencies through technology. Most recently, he served as the inaugural Chief Data and AI Officer at a leading university and health care organization. At the university, he helped to promote AI literacy, launch a responsible AI governance program and enable a secure data foundation. Prior to that, he acted as Senior Managing Director and Global Lead for Data and AI at a global multinational professional services company, where he led a team of AI strategists and data engineers in developing and implementing new products and services.
Joe Depa, EY Global Chief Innovation Officer, says:
“I’m truly excited to join an organization that is ‘All in’ on its commitment to the transformative potential of emerging technologies. I look forward to working with the EY teams and clients to help empower them to apply innovation in bold, new ways that help create value for clients through data, AI and emerging technologies to make the world a better place.”
A renowned thought leader in the field of AI, Depa has been recognized as one of the “Top 50 Global Leaders” by World Summit AI and has received Fast Company’s “World Changing Idea” award, among other accolades.
For more information, visit: ey.com.
About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.
Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.
EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.
All in to shape the future with confidence.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
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The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.
Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet
Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.
This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.
Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.
Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital
Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.
Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.
Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.
India’s Yubi Plans a Fundraising Push
Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.
India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.
Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.
Provenir and Hastings Financial Services Win Global Recognition
Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.
Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.
Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.
Microf and Quantum Financial Technologies Forge New Alliances
Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.
This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.
Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.
Key Takeaways for the Fintech Ecosystem
- Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
- Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
- Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
- The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
- Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.
Looking Ahead: Challenges and Opportunities
The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.
This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.
The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.
The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish
LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.
FinTech Magazine
This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.
“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish
The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns
You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.
About BizClik
BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.
BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.
For more information, please visit our website.
View original content:https://www.prnewswire.co.uk/news-releases/bizclik-media-launches-december-edition-of-fintech-magazine-302316768.html
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