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To view, develop China-Germany bilateral relations from long-term, strategic perspective
BEIJING, April 19, 2024 /PRNewswire/ — A report from People’s Daily: On the morning of April 16, Chinese President Xi Jinping met with German Chancellor Olaf Scholz in Beijing. This is Scholz’s second visit to China since he took office, and Scholz is the first leader of a major Western country to visit China this year. The two leaders exchanged views on bilateral relations and international and regional issues of mutual interest.
Xi called on the two countries need to view and develop bilateral relations from a long-term and strategic perspective, and work together to inject greater stability and certainty into the world. His remarks have charted the course for the two countries to further advance bilateral relations and to jointly contribute more to world peace and prosperity under new circumstances.
Over the past 50-plus years since the establishment of diplomatic ties, China and Germany have enjoyed robust bilateral relations. The two countries have had close exchanges at all levels and in all fields.
China’s policy toward Germany is highly stable and consistent. China always views Germany as its important partner of mutually beneficial cooperation and supports Germany in playing a more important role in Europe and the wider world.
The two sides successfully held the intergovernmental consultation and high-level dialogues on strategic and financial issues, and will hold a dialogue on climate change and green transition. As long as the two sides uphold mutual respect, seek common ground while reserving differences, enhance exchanges and mutual learning, and pursue win-win cooperation, China–Germany relations will continue to enjoy solid and sustained progress.
This year marks the 10th anniversary of the establishment of the all-round strategic partnership between China and Germany. Over the past 10 years, despite tremendous changes in the international landscape, China–Germany relations have maintained steady growth, and bilateral cooperation has been strengthened and deepened across the board, providing impetus for the development of both countries.
Both history and reality have proved that the all-round strategic partnership is an inevitable choice and the optimal solution for China–Germany relations.
The more instability in the world, the greater the need for the two sides to strengthen the resilience and vitality of their relations, Xi said, calling for joint efforts to keep to the overall direction of cooperation and development in growing bilateral ties, and stick to the characterization of all-round strategic partnership.
Scholz said that going forward, the German side will work with the Chinese side to strengthen bilateral ties, deepen dialogue and cooperation in all fields, and promote people-to-people exchanges in such areas as education and culture.
Enhancing mutual understanding and trust, and strengthening dialogue and communication will contribute to the healthy and stable development of the all-round strategic partnership between the two countries.
Both China and Germany have deeply engaged in and benefited from each other’s development, with pragmatic cooperation always being the defining feature of China–Germany relations.
China and Germany are important trading partners for each other. Germany has been China’s largest trading partner in Europe for 49 consecutive years, while China has been Germany’s largest trading partner for eight consecutive years.
According to a report by German Economic Institute (IW), in 2023, German direct investment in China increased by 4.3 percent year on year to a record high of 11.9 billion euros ($12.7 billion).
In the face of weak global economic recovery and rising protectionism, German investment in China has remained strong. Thousands of German companies and institutions are actively engaged in the Chinese market, which once again demonstrates that mutually beneficial cooperation between China and Germany is not a “risk,” but the guarantee for a stable bilateral relationship and an opportunity for the future.
There is huge potential to be tapped for pursuing win-win cooperation in both traditional sectors such as machinery and automobile, and new areas such as green transition, digitization and artificial intelligence.
This time, Scholz visited Chongqing and Shanghai together with representatives of the German business community, and witnessed the great economic progress China made over recent years. He said that Germany opposes protectionism and supports free trade.
It is important for the two countries to adopt an objective and dialectical view on the issue of production capacity through a market and global perspective and based on the laws of economics, and devote more efforts to the discussion on cooperation, which will bring bilateral economic and trade cooperation to a new level and inject continuous impetus into global economic recovery.
As China and Germany are respectively the second and third largest economies in the world, the consolidation and development of their relations carries significance that goes beyond the bilateral scope, and has a major impact on the Eurasian continent and the entire world.
China and Germany share a lot in common on the issue of world multipolarity. Both of them support globalization and international cooperation.
Xi pointed out that a multipolar world is, in essence, one where countries with different civilizations, systems and paths respect each other and coexist in peace. China and Germany need to independently carry out collaboration on multilateral fronts, push the international community to take real actions to better address global challenges such as climate change, unbalanced development and regional conflicts, and make greater contribution to the balance and stability of the world.
Xi and Scholz reached consensus on the Ukraine crisis, Palestinian-Israeli conflict and other issues, which will inject greater stability and certainty into a turbulent and intertwined world.
China and Germany do not have clashing fundamental interests between them and pose no security threat to each other. Cooperation between the two countries benefits not just the two sides but also the world at large.
Both sides should cherish and inherit the valuable experience of the development of bilateral relations, constantly enhance mutual understanding and trust, and deepen practical cooperation, so as to inject new impetus into the all-round strategic partnership between China and Germany, and make greater contributions to world peace, stability, and growth.
View original content:https://www.prnewswire.co.uk/news-releases/to-view-develop-china-germany-bilateral-relations-from-long-term-strategic-perspective-302121956.html
The regulation of instant payments is becoming increasingly important as both banks and corporate treasurers seek to leverage faster, more efficient payment solutions. This article provides an overview of instant payments regulation, highlighting the key considerations and implications for banks and corporate treasurers.
What Are Instant Payments?
Instant payments refer to electronic payments that are processed in real-time or near real-time, enabling the transfer of funds between accounts within seconds. These payments can be initiated and completed at any time, providing convenience and efficiency for both individuals and businesses.
Key Characteristics:
- Speed: Funds are transferred almost instantly, reducing the time taken for payment settlement.
- Availability: Instant payments can be made 24/7, including weekends and holidays.
- Irrevocability: Once initiated, instant payments cannot be reversed, ensuring finality of the transaction.
Regulatory Landscape
The regulation of instant payments varies across different jurisdictions, with a focus on ensuring security, efficiency, and interoperability of payment systems.
Key Regulations:
- EU Regulation on Instant Payments: The EU has implemented specific regulations to promote the adoption of instant payments, ensuring that payment service providers offer these services to customers.
- PSD2: The Second Payment Services Directive (PSD2) in the EU includes provisions that support the development and regulation of instant payments.
- Local Regulations: Various countries have their own regulations and guidelines to govern instant payments, focusing on aspects such as fraud prevention, consumer protection, and technical standards.
Implications for Banks
Banks play a critical role in the provision of instant payments and must navigate the regulatory landscape to ensure compliance and provide seamless services to customers.
Key Considerations for Banks:
- Compliance: Banks must comply with relevant regulations and guidelines to offer instant payment services. This includes adhering to technical standards and implementing robust security measures.
- Infrastructure: Investing in the necessary infrastructure to support real-time payment processing and ensure system reliability and availability.
- Customer Education: Educating customers about the benefits and features of instant payments, as well as any potential risks associated with their use.
Implications for Corporate Treasurers
Corporate treasurers can benefit significantly from the adoption of instant payments, which can enhance cash flow management and improve operational efficiency.
Key Considerations for Corporate Treasurers:
- Cash Flow Management: Instant payments can improve cash flow management by reducing the time taken for payment settlement and providing real-time visibility into account balances.
- Operational Efficiency: Faster payment processing can streamline business operations, reducing administrative burdens and improving supplier relationships.
- Risk Management: Corporate treasurers must be aware of the irrevocability of instant payments and implement appropriate controls to prevent fraudulent transactions.
Benefits of Instant Payments
The adoption of instant payments offers several benefits for both banks and corporate treasurers, driving efficiency and enhancing the customer experience.
Key Benefits:
- Convenience: Instant payments provide a convenient and efficient way to transfer funds, reducing the reliance on traditional payment methods.
- Cost Savings: Faster payment processing can reduce the costs associated with payment settlement and reconciliation.
- Enhanced Customer Experience: Offering instant payment services can enhance the customer experience, providing greater flexibility and speed in financial transactions.
Challenges and Future Trends
While instant payments offer numerous benefits, there are also challenges that banks and corporate treasurers must address to fully leverage these services.
Key Challenges:
- Security Risks: Ensuring the security of instant payments is critical, particularly given the speed and irrevocability of transactions.
- Interoperability: Achieving interoperability between different payment systems and networks is essential for the widespread adoption of instant payments.
- Regulatory Compliance: Navigating the complex regulatory landscape and ensuring compliance with relevant regulations can be challenging.
Future Trends:
- Increased Adoption: The adoption of instant payments is expected to continue growing, driven by regulatory support and customer demand.
- Technological Advancements: Advances in technology, such as blockchain and artificial intelligence, are likely to further enhance the capabilities and security of instant payments.
- Global Standardization: Efforts to develop global standards for instant payments will promote interoperability and facilitate cross-border transactions.
Conclusion
The regulation of instant payments is crucial for ensuring the security, efficiency, and interoperability of payment systems. Banks and corporate treasurers must navigate the regulatory landscape and invest in the necessary infrastructure to provide seamless and secure instant payment services. As the adoption of instant payments continues to grow, it offers significant benefits for enhancing cash flow management, operational efficiency, and the overall customer experience.
Source of the news: The Paypers
The post Instant Payments Regulation: Overview for Banks and Corporate Treasurers appeared first on HIPTHER Alerts.
Regulators have issued a joint warning highlighting the risks associated with partnerships between banks and fintech companies. This warning underscores the need for careful management of these relationships to ensure regulatory compliance and mitigate potential risks.
Overview of the Joint Warning
The joint warning, issued by a coalition of financial regulators, emphasizes the importance of robust risk management practices when banks partner with fintech companies. These partnerships, while beneficial in driving innovation and enhancing customer services, also introduce new risks that must be addressed.
Key Points of the Warning:
- Regulatory Compliance: Banks must ensure that fintech partners comply with all relevant regulations and standards.
- Risk Management: Robust risk management frameworks must be in place to identify, assess, and mitigate risks associated with fintech partnerships.
- Data Security: Ensuring the security and privacy of customer data is paramount, particularly given the increasing prevalence of cyber threats.
- Operational Resilience: Banks must ensure that fintech partnerships do not compromise their operational resilience and ability to deliver critical services.
Benefits of Bank-Fintech Partnerships
Despite the risks, partnerships between banks and fintech companies offer significant benefits, driving innovation and enhancing the customer experience.
Key Benefits:
- Innovation: Fintech companies bring innovative technologies and solutions that can enhance banking services and products.
- Customer Experience: Partnerships with fintechs can improve the customer experience by offering faster, more efficient, and personalized services.
- Cost Efficiency: Fintech solutions can help banks reduce costs and improve operational efficiency through automation and digitalization.
Risks Associated with Bank-Fintech Partnerships
The joint warning highlights several risks associated with bank-fintech partnerships that must be carefully managed.
Key Risks:
- Regulatory Risk: Ensuring compliance with complex and evolving regulatory requirements is a significant challenge.
- Cybersecurity Risk: Fintech partnerships can introduce cybersecurity vulnerabilities, making it essential to implement robust security measures.
- Operational Risk: The integration of fintech solutions into banking operations can pose operational risks, particularly if not managed effectively.
- Reputational Risk: Any issues or failures in fintech partnerships can damage the bank’s reputation and customer trust.
Strategies for Managing Risks
To mitigate the risks associated with fintech partnerships, banks must adopt comprehensive risk management strategies and ensure rigorous oversight.
Key Strategies:
- Due Diligence: Conducting thorough due diligence on fintech partners to assess their regulatory compliance, security practices, and financial stability.
- Contractual Safeguards: Including robust contractual safeguards in partnership agreements to outline responsibilities, expectations, and compliance requirements.
- Continuous Monitoring: Implementing continuous monitoring and assessment of fintech partnerships to identify and address emerging risks.
- Collaboration with Regulators:: Engaging with regulators to ensure that partnerships comply with regulatory requirements and to stay informed of any changes in the regulatory landscape.
The Role of Technology
Technology plays a crucial role in managing the risks associated with bank-fintech partnerships, offering tools and solutions that enhance oversight and compliance.
Key Technologies:
- RegTech Solutions: Regulatory technology (RegTech) solutions can automate compliance processes, ensuring that fintech partnerships adhere to regulatory requirements.
- Cybersecurity Tools: Advanced cybersecurity tools and solutions can enhance the security of fintech partnerships, protecting against cyber threats.
- Risk Management Platforms: Integrated risk management platforms can provide real-time visibility into partnership risks and support proactive risk mitigation.
Conclusion
The joint warning issued by regulators highlights the need for careful management of bank-fintech partnerships to ensure regulatory compliance and mitigate potential risks. While these partnerships offer significant benefits, including innovation and enhanced customer experience, they also introduce new risks that must be addressed through robust risk management strategies. By leveraging technology and engaging with regulators, banks can effectively manage these risks and capitalize on the opportunities presented by fintech partnerships.
Source of the news: American Banker
The post Regulators Issue Joint Warning on Bank-Fintech Risks appeared first on HIPTHER Alerts.
Nasdaq Inc. has reported earnings that exceeded analysts’ expectations, driven by a surge in fintech sales. This strong performance underscores the growing importance of fintech solutions in driving financial market innovation and growth.
Overview of Nasdaq’s Financial Performance
Nasdaq’s latest earnings report reveals impressive financial performance, with profits surpassing estimates due to robust growth in its fintech segment.
Key Financial Highlights:
- Revenue Growth: Nasdaq reported a significant increase in revenue, primarily driven by its fintech sales.
- Earnings Beat: The company’s earnings per share (EPS) exceeded analysts’ expectations, highlighting its strong financial performance.
- Fintech Segment: The fintech segment emerged as a key growth driver, contributing significantly to the overall revenue increase.
The Role of Fintech in Nasdaq’s Growth
Nasdaq’s fintech solutions have played a pivotal role in its recent financial success, offering innovative technologies that enhance market operations and customer services.
Key Fintech Solutions:
- Market Technology: Nasdaq’s market technology solutions provide advanced trading, clearing, and market surveillance capabilities to financial institutions and exchanges.
- Data and Analytics: The company’s data and analytics solutions offer valuable insights and support informed decision-making for market participants.
- Corporate Solutions: Nasdaq’s corporate solutions include governance, risk management, and compliance tools that help companies navigate complex regulatory environments.
Factors Driving Fintech Sales Growth
Several factors have contributed to the surge in Nasdaq’s fintech sales, reflecting broader trends in the financial technology sector.
Key Drivers:
- Digital Transformation: The ongoing digital transformation in the financial industry has increased demand for advanced fintech solutions.
- Regulatory Compliance: Growing regulatory requirements have driven demand for compliance and risk management solutions.
- Market Volatility: Increased market volatility has highlighted the need for robust trading and market surveillance technologies.
Strategic Initiatives
Nasdaq has undertaken several strategic initiatives to capitalize on the growing demand for fintech solutions and drive long-term growth.
Strategic Focus Areas:
- Innovation: Continuously investing in innovation to develop cutting-edge fintech solutions that address the evolving needs of the financial industry.
- Partnerships: Forming strategic partnerships with other technology providers and financial institutions to enhance its product offerings and expand market reach.
- Global Expansion: Expanding its presence in key markets around the world to capture new growth opportunities and serve a broader client base.
Future Prospects
Nasdaq’s strong financial performance and strategic initiatives position the company for continued growth in the fintech sector. The company plans to leverage its technological capabilities and market expertise to drive further innovation and expand its fintech offerings.
Growth Opportunities:
- Product Development: Developing new fintech products and features to meet emerging market needs and regulatory requirements.
- Mergers and Acquisitions: Exploring potential mergers and acquisitions to enhance its technology portfolio and market position.
- Customer Engagement: Enhancing customer engagement through personalized solutions and services that address specific client needs.
Conclusion
Nasdaq’s impressive financial performance, driven by a surge in fintech sales, underscores the growing importance of fintech solutions in the financial market. The company’s strategic focus on innovation, partnerships, and global expansion positions it for continued growth and success. As Nasdaq continues to leverage its fintech capabilities, it is well-positioned to drive financial market innovation and deliver value to its clients and shareholders.
Source of the news: Reuters
The post Nasdaq Profit Beats Estimates as Fintech Sales Soar appeared first on HIPTHER Alerts.
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