Economic news

Ant Financial, the online finance giant that operates Alipay, said veteran Simon Hu, 49, would become CEO. He will take over the role from Eric Jing, 47, who will remain executive chairman.

Facebook acquired a small video-shopping startup earlier this year to help build a live shopping feature inside the company’s Marketplace product, according to a person familiar with the plans.

The bank sees digital assets as part of the future and "we want to be there when this happens," says Ralph Achkar, head of digital product development and innovation.

The bank is the first U.S. one approved for a majority-owned securities unit in China; the FSB said banks must get serious about replacing the benchmark.

Fintech dLocal is expanding its API-based payments service into Nigeria and South Africa, two nations with different levels of digital payments adoption.

MFS Africa has spent the last decade building an interoperable mobile payments system linking millions of consumers in Africa, and now it’s formed a partnership with Visa to extend global card acceptance to its users.

But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.

Digital technology is increasingly connecting compensation and payment capabilities for contractors and creating an ability to share apps. It's a trend that’s brought Citi and PayPal together to offer flexibility and a network effect to counter fintechs.

Payment companies looking for relief from international political chaos got a moment of clarity in the form of a decisive U.K. election and nominal progress in the trade war.

Though details of a potential pact with China aren't clear, bankers are hoping it could convince leery customers to finally go through with delayed investments.

Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.

The new decade will see Generation Z become adults, and they will expect more services and activities to be facilitated by their device of choice, says Zoomd's Omri Argaman.

Many business customers are putting off expansion because they can’t find enough workers to fill available jobs.

The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.

Facebook’s stablecoin initiative has inspired countless ideas about how to put fintech under the control of federal regulators. Here are the most critical questions.

Paul Volcker, the former Federal Reserve chairman who broke the back of U.S. inflation in the 1980s and three decades later led President Barack Obama’s bid to rein in the investment risk-taking of commercial banks, has died.

In theory, the beauty of e-commerce is that a merchant can court any shopper in any part of the world with an internet connection. In practice, attracting a shopper and providing them with the customer experience they expect will look different in every country, says Lee Clifton of JP Morgan Merchant Services.

The percentage of farm lenders losing money hit a six-year high in the third quarter, according to the FDIC.

The Treasury secretary suggested a role for lawmakers in containing any fallout with financial contracts stemming from the transition to a new interest rate benchmark.

The regulator says the bank needs to address employee complaints and pay controls; the presidential hopeful would make it more difficult for banks to combine.