Asia

The New York-based Citigroup is pushing ahead to set up new investment banking and trading operations in China after announcing it would be exiting retail banking in the world’s second-largest economy.

Banking and payments technology tester and certifier Fime is working with the government of India to develop the testing infrastructure for a national contactless transportation card and accompanying mobile app.

Despite Japan being a heavily cash-based economy, e-commerce has created significant opportunities for banks and mobile wallet providers.

The country's banks and fintechs are still new to working together, giving Railsbank a chance to become a key player in open banking.

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them.

Rakuten Inc. plans to raise 242 billion yen ($2.2 billion) by selling shares to investors including Tencent Holdings Ltd., Walmart Inc. and Japan Post Holdings Co., bankrolling expansions into AI, finance and mobile.

A government-backed digital transaction system will soon have private sector rivals, who will have an inside track to returns on massive investments.

The retailer combines WeChat, digital checkout and coupons to reach a wider market, says Azoya's Franklin Chu.

Twelve banks joined the Tencent financing deal, which initially had a $6 billion size.

Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to move more services online. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Institute estimates.