BEIJING, Oct. 22, 2024 /PRNewswire/ — Themed on “Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, the Annual Conference of Financial Street Forum 2024 concluded on Sunday.

During the event, Chinese and foreign participants have conducted in-depth discussions on current economic and financial hot topics in an attempt to enhance mutual trust, deepen win-win cooperation and share development opportunities.

Many foreign institutions expressed their willingness to further promote investment in China at this year’s conference.

Both China and Germany are facing social challenges such as aging problem, said Markus Kobler, the CFO and member of the executive board of DWS Group, adding that the two sides can establish an open financial market, expand bilateral investment, strengthen financial and asset management cooperation, and jointly develop strategic emerging industries, such as green technology and transportation automation, to achieve win-win results. 

Noting how to deepen the financial sector’s role in serving the real economy, Weng Qiwen, director of China Centre for Promotion of SME Development, said that the new round of industrial revolution requires matching financial innovation and financial reform.

According to Weng, it is necessary to cultivate the “craftsman spirit” of the capital market and guild long-term capital into the financial market in an attempt to advance the development of new quality productive forces.

Regarding the current financial challenges related to new technologies, new applications and new risks, Li Yang, chairman of National Institution for Finance & Development, believes that the correct financial function is the basis for preventing financial risks.

According to Li, more efforts should be made to further balance the relationship between functionality and profitability, deal with the relationship between lifting financial repression and preventing excessive financialization, continue to reduce circulation costs and financing costs, and meet the diversified financing needs of the national economy. 

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SHENZHEN, China, Oct. 22, 2024 /PRNewswire/ — TerraPay, a global leader in cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform renowned for its innovative financial services through the Weixin ecosystem. This collaboration will enable international transfers directly to Weixin Pay users in China, reinforcing TerraPay’s commitment to delivering seamless, secure, and efficient remittance solutions.

Global remittances are projected to reach $913 billion by 2025, according to the World Bank, with a significant portion directed towards developing nations. As one of the largest recipients of remittances globally, China has received an estimated $53 billion in recent years. This presents a vast opportunity for TerraPay and Tenpay Global to tap into the inbound remittance flows within the Weixin Pay ecosystem.

For many individuals with family and friends in China, sending money home can be fraught with challenges such as, lengthy processing times, and limited access to digital payment options. TerraPay’s partnership with Tenpay Global seeks to address these challenges, providing a fast, secure, user-friendly solution for millions of global users looking to connect with their loved ones in one of the world’s most advance digital payment ecosystems.

This integration will allow TerraPay’s customers to enable their users to send money directly to over one billion Weixin and WeChat users in China, enjoying faster, more reliable cross-border transactions. The partnership enhances the convenience of digital payments, ensuring a seamless experience for users. According to our research, with around 82% of China’s population using digital wallets for everyday transactions, TerraPay’s strategic move aligns perfectly with the growing adoption of mobile wallets.

To capture this opportunity, TerraPay has also collaborated with 5 leading wallet operators to form an Interoperability Council. This is to enable participating wallets to interconnect and interoperate for multiple cross-border transaction types, including remittances and merchant payments.

“Partnering with Tenpay Global is a thrilling milestone for us in China, one of the world’s most vibrant digital payment markets,” said Ambar Sur, Founder & CEO of TerraPay. “This collaboration enables us to offer our users a direct, efficient way to send money home, fostering deeper connections across borders and expanding our wallet reach to more than 3.7 billion wallets. Furthermore, this partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to drive interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”

Wenhui Yang, CEO of Tenpay Global (SG), added, “Our commitment to fostering open collaborations with global partners is the key to create a digital payment network across borders. By offering efficient, seamless remittance solutions, we are enhancing global connectivity and empowering individuals to stay connected with their loved ones, no matter where they are.”

The remittance corridors into China are robust, with key routes including the US-China, Canada–China, and Southeast Asia–China corridors. These corridors, driven by expatriates and overseas workers sending money back to their families, represent a crucial market segment for both TerraPay and Tenpay Global.

As China’s digital payment landscape continues to evolve, this collaboration positions TerraPay to leverage its strong presence in Southeast Asia, further enhancing the speed and convenience of payments into China. Together, TerraPay and Tenpay Global are set to make sending money home not just a transaction, but a bridge connecting families and communities across borders.

About TerraPay

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TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks regulated in over 30 global markets. The platform enables payments to 144+ receiving countries, 210+ sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, transparent, and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global digital wallet interoperable network, driving financial inclusion even in the most remote markets. TerraPay is headquartered in London, with offices in cities like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa, TerraPay continues its rapid global expansion.

About Tenpay Global

Tenpay Global, the cross-border payment platform of Tencent, is your gateway to seamless cross-border payment solutions for businesses and individuals. We offer scenario-based services for different customer groups, including cross-border consumption, cross-border remittances, and cross-border commerce scenarios. Together with global partners, we are committed to bridging the world’s payment networks with Weixin’s ecosystem in China.

Media Contact: 
Juveria Samrin,
[email protected] 

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HONG KONG, Oct. 22, 2024 /PRNewswire/ — Arcadis, the leading global Design & Consultancy organization for natural and built assets, welcomes the initiatives recently outlined in “The Chief Executive’s 2024 Policy Address”, which aim to sustain efforts in land creation and boosting housing supply by simplifying procedures and reducing construction costs. Arcadis will fully support the implementation of these initiatives.

Create Land for New Developments and Streamline Procedures

The Government will continue to expedite land production to solve the land supply conundrum, not only for housing but for other uses. Land development procedures will be streamlined.

The Government will expedite the implementation of economic and housing-related projects in the Northern Metropolis. This year, land will be reserved for developing the Northern Metropolis University Town, the third medical school, and an integrated teaching hospital.

The Government will release four quality logistics sites in the Hung Shui Kiu/ha Tsuen NDA to expand high value-added logistics services. The Hong Kong-Shenzhen I&T Park in the Loop will be developed in two phases, starting at the end of this year. The Government will seek funding for the first-stage of San Tin Technopoles’ infrastructure and begin construction works this year. The target is to deliver 20 hectares of new I&T sites in phases, beginning in 2026-27, for the Hong Kong Science and Technology Parks Corporation’s development and operation.

Adopting a Multi-Pronged Approach to Lower Construction Costs

The Project Strategy and Governance Office under the Development Bureau has been entrusted with leading a strategic study to identify major factors contributing to high construction costs and to devise improvement measures by drawing on experiences from Mainland China and internationally. Arcadis appreciates the study as an important step toward optimizing the use of public resources for infrastructure development and enhancing long-term competitiveness.

In response, William Fong, Head of Cost and Commercial Management for Hong Kong & Macau at Arcadis, said:

“The Government has been examining the factors influencing project costs while also assessing the respective impact of each factor. The dedicated efforts invested in this study demonstrate the Government’s commitment to improving the efficiency of project delivery.

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“In addition to streamlining land development procedures, we recognize the importance of promoting the adoption of innovative construction technologies and materials, implementing smart procurement strategies, and reassessing building design standards to enhance speed and efficiency. The effective execution of these measures will require collaboration from the Government, developers, consultants, contractors, and suppliers.”

Align Hong Kong Building Design Standards with Guobiao

As Hong Kong reviews and potentially updates its building standards, we should consider aligning them with best practices and industry standards in Mainland China (Guobiao) and other prominent international cities. Hong Kong can play a key role in establishing unified construction design standards for the Greater Bay Area and promoting the use of high-quality and cost-effective construction materials. Leveraging its robust business presence, Arcadis is prepared to engage in this initiative and support to Building Technology Research Institute.

Enhancing Transport Infrastructure in the Northern Metropolis

With construction of Hung Shui Kiu Station and the Northern Link Main Line commencing, Arcadis is eager to advance to the next phase of preparations for the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai) and initiate the detailed planning and design of the Northern Link Spur Line.

William Fong added: “As we witness progress of the Northern Metropolis Development Strategy and the enhanced connectivity between Hong Kong and Shenzhen, the industry can seize opportunities in areas such as cost and project management, sustainability, and business advisory.”

Continue to Promote Waste Reduction and Recycling

In 2025, Hong Kong will inaugurate the commissioning of I•PARK1, the city’s first waste-to-energy facility with the capacity to process 3,000 tons of municipal solid waste daily.

The I•PARK1 project not only contributes to achieving the “Zero Landfill” goal but also spreadheads the adoption of innovative construction methods, including Modular Integrated Construction and the prefabrication of main electrical and mechanical equipment modules in Zhuhai.

William Fong concluded: “This construction approach has elevated both the quality and efficiency standards, setting a new benchmark in excellence and operational effectiveness.”

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About Arcadis

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