China

Jack Ma’s Ant Group is planning to create a new consumer finance company to bolster its market share in the country’s fast growing online lending industry.

Hong Kong’s leader said she’s having trouble using her credit cards after the U.S. imposed sanctions targeting Chinese officials and their allies in the city.

With the stroke of a pen on Thursday night, Donald Trump made his strategic fight with China hit home for potentially billions of people, generating confusion, panic and fear around the globe.

Citing the benefit of making purchases from home during the coronavirus pandemic, China's UnionPay International is partnering with digital platform Glovo to enable its cardholders in Europe to participate in on-demand shopping.

Three months ago, Stephen Squeri, the chairman and CEO of American Express, declared a global "economic free fall" due to the coronavirus. Its second-quarter earnings show how far a fall it has been.

Ant Group is planning one of Asia’s largest IPOs while the world’s afflicted by a global pandemic, political turmoil and historic economic stress. Despite the chaos — or perhaps because of it — the timing could be right for Ant to challenge the global order in e-commerce and digital payments.

Three years ago, Alipay began its brick-and-mortar conquest of North America, promoting acceptance of the Alibaba affiliate Ant Group's mobile wallet at shops targeting Chinese tourists, eventually reaching thousands of U.S. and Canadian stores.

China has a huge market and entrenched payment firms, but a record of digital adoption that makes it a prime market, says PPRO's Steve Villegas.

Given American Express was reporting a 95% hit to one of its core businesses less than two months ago, announcing access to the world’s largest digital payments market has to be a major sigh of relief — even if there’s still entrenched competitors, an international virus and a cold war to navigate.

New York State regulators may bring an enforcement action against the German bank as early as this month; Wells Fargo’s decision to stop making loans to the dealers has more to do with credit quality than asset limits.