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How will new regulations affect China’s online payments market?

Banking 2020

China has introduced new draft rules that are intended to tighten regulations governing online payments in the country. Therefore, proposals issued by the country’s central bank will aim to add “much-needed safeguards” to tackle these issues, the Wall Street Journal reports. A booming market.

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Hidden payments ‘too big too ignore’

Banking 2020

It also noted that banks have found it challenging to develop new propositions to meet these demands – partly because of their reliance on legacy systems and partly because they are more constrained by regulations. The most common solutions. The industry’s response.

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Which route for mobile payment apps?

Banking 2020

A report for the New York State Department of Financial Services found a third of the 40 banks it surveyed had poor safeguards when working with third-party vendors. Regulator Benjamin Lawsky warned that “third-party firms can provide a backdoor entrance to hackers who are seeking to steal sensitive bank customer data”.

Mobile 40
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PWC Takes Very Optimistic View Of Retail Banking

Tech and Finance

PWC Retail banking. In its report on Retail Banking 2020 — Evolution or Revolution, PWC optimistically ignores many of the details of its survey and concludes that banking has a great days ahead. PWC does suggest major improvements can be achieved without replacing core systems, or undertaking radical digitalization.

Retail 28
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PWC Takes Very Optimistic View Of Retail Banking

Tech and Finance

PWC Retail banking. In its report on Retail Banking 2020 — Evolution or Revolution, PWC optimistically ignores many of the details of its survey and concludes that banking has a great days ahead. PWC does suggest major improvements can be achieved without replacing core systems, or undertaking radical digitalization.

Retail 28
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Asia Pacific set to drive mobile payments growth

Banking 2020

And Asia-Pacific will be one of the major contributors to this, as both developed and emerging markets increase their use of these payments. This phenomenon, coupled with the innovation of semi-closed wallet schemes linked to bank accounts, has given a major boost to mobile payments in Asia-Pacific.”

Mobile 40
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China and India lead global cashless growth

Banking 2020

In fact, by far the biggest potential exists in emerging markets where there has been very little signs of a move away from cash – until now. Newer technologies help Asian markets. But this trend isn’t limited to the West. The ‘Emerging Asia’ region as a whole saw growth of 21.6 per cent in 2013.