【Overseas Weekly】4 new cross-border e-commerce foreign exchange service institutions Canadian Nuvei was acquired

"Overseas Weekly" is an important information column of financial technology and mobile payment for the week of going overseas created by mobile payment network, focusing on the aspects of enterprises going overseas, overseas market dynamics, overseas regulatory policies, etc., and improving the efficiency of readers to obtain information in a simple way.

New progress has been made in facilitating payment in China

On April 1, Tencent Fintech announced new progress in facilitating payment in China in three aspects, namely, upgrading and simplifying the WeChat Pay card binding process, supporting a one-stop experience for top-up consumption, and working with overseas local wallets to explore interconnection.

In terms of simplifying the binding of foreign cards for WeChat Pay, foreign friends only need to submit simple information to bind the card, and within a certain amount, tens of millions of merchants in China can conveniently pay. You can also submit further information to upgrade to the full wild card service. Passport review and other links can return results in "seconds" at the earliest.

CoGoLinks has upgraded its brand vision internationally

On March 29, CoGoLinks, a global cross-border payment service platform, announced a comprehensive upgrade and renewal of its brand vision, aiming to provide more high-quality and smooth cross-border payment services for foreign trade enterprises and cross-border e-commerce operators based on the new stage of development of the platform, with the design concept of "new vision, new service, new journey and new experience", relying on the new brand image, product system and service standards, and fully empowering domestic products to go overseas and chase the world.

Shenzhen International Payment Season released blockbuster results

At the 2024 Shenzhen International Payment Season Conference, with the theme of "Continuously Optimizing Payment Services to Build a Demonstration Zone for All-for-One Payment in Shenzhen", four convenient payment achievements were released on the spot, namely the achievements of WeChat payment optimization of cross-border experience, the standardization of cash coin purse, the innovation of digital RMB hard wallet, and the promotion of the construction of convenient payment demonstration business districts.

Foreign Exchange Bureau: In 2023, 4 new banks and payment institutions will carry out cross-border e-commerce foreign exchange services

Recently, Liu Bin, Director General of the Current Project Management Department of the State Administration of Foreign Exchange, published a signed article entitled "Deepening Reform and Innovation to Promote the Quality and Efficiency of Foreign Exchange Management under the Current Account", which revealed the latest foreign exchange-related policies.

Liu Bin revealed that in 2023, four new banks and payment institutions will carry out cross-border e-commerce foreign exchange services based on transaction electronic information, promoting the continuous expansion of foreign exchange payment business. 22 payment institutions and 17 banks across the country carried out 990 million cross-border e-commerce foreign exchange transactions.

Canadian payments company Nuvei is acquired

Private equity firm Advent Capital said in a statement on April 1 that it had agreed to acquire Canadian payment technology company Nuvei in an all-cash deal, valuing the latter at $6.3 billion. According to the statement, Nuvei's current CEO, Philip Fayer, will continue to lead the company, and Nuvei will remain headquartered in Montreal.

The 2024 Global Traffic Conference (Shenzhen) will open on June 17

From June 17th to 18th, 2024, Beluga will hold the 2024 Global Traffic Conference (Shenzhen) in halls 3 and 4 of Futian Convention and Exhibition Center, Shenzhen. In the form of a more professional "exhibition + conference", the conference presents the achievements of China's cross-border overseas in an all-round way, explores diversified cross-border business and monetization models, and sincerely invites every cross-border overseas person and overseas enterprises to participate in the conference to jointly explore more possibilities and higher value of global business.

The Monetary Authority of Singapore's new Payment Services Act came into effect on 4 April

The Monetary Authority of Singapore (MAS) has amended the Payment Services Act and other related laws to expand the scope of regulation to a wider range of digital payment token (DPT) services, including custody services, DPT transmissions and cross-border fund transfers.

The new rules, which will come into effect on 4 April, are designed to align with global anti-money laundering (AML) and countering the financing of terrorism (CFT) standards, while enhancing user protection and ensuring financial stability.

Measures for the Administration of Multi-functional Free Trade Accounts of Hainan and Hengqin, Guangdong and Macao

On 3 April, the Hainan Branch of the People's Bank of China and the Guangdong Branch respectively issued the Measures for the Administration of Multi-functional Free Trade Accounts in the Hainan Free Trade Port and the Measures for the Administration of Multi-functional Free Trade Accounts in the Guangdong-Macao Intensive Cooperation Zone in Hengqin.

Beijing cracked a case involving more than 2 billion cross-border virtual currencies for illegal foreign exchange trading

A few days ago, the Beijing police and the Beijing Branch of the State Administration of Foreign Exchange jointly cracked a series of cases involving virtual currency, involving more than 2 billion yuan, involving a total of 15 provinces and cities including Beijing, Shanghai, and Zhejiang. It is worth noting that this case is not only a concealed and diverse criminal method, but also a "serial case", from dark web transactions to illegal trading of foreign exchange, which is intricately intertwined.

The suspect in the Singapore money laundering case has been sentenced to 13 months in prison

On April 2, a suspect in Singapore's largest money laundering case involving the largest amount of money in history was sentenced on April 2, and a total of more than $2.2 billion in assets were confiscated or frozen, the highest amount in Singapore's history. According to Channel News Asia, Cambodian defendant Su Van Qiang pleaded guilty to 11 counts of money laundering and profiting from illegal online gambling and was sentenced to 13 months in prison.

The Bank of Hangzhou was fined millions by the foreign exchange bureau

According to the website of the Beijing Branch of the State Administration of Foreign Exchange on the 3rd, the Beijing Branch of Bank of Hangzhou Co., Ltd. was fined 1.0571 million yuan for violating the regulations to handle foreign exchange settlement business. According to the administrative penalty decision with the document number Jinghui Penalty [2024] No. 3, the illegal facts of Bank of Hangzhou Co., Ltd. Beijing Branch are: 1. Handling foreign exchange settlement business in violation of regulations, 2. Violating regulations on foreign exchange registration administration, and 3. Handling the receipt and payment of capital account funds in violation of regulations.

The Bank for International Settlements and seven central banks will test the use of tokenization to improve cross-border payments

According to Bloomberg, the Bank for International Settlements (BIS), along with seven central banks, including the Federal Reserve Bank of New York, will test the use of tokenization to improve the speed and integrity of international payments. They will work with a large group of private financial companies to explore a wholesale version that combines tokenized central bank money and commercial bank deposits on a unified, programmable platform. In addition to the Federal Reserve Bank of New York, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England and the Bank of France are also involved, with the Bank of France representing the Eurozone central bank network.

The People's Bank of Kazakhstan has stopped accepting Russian "MIR" payment cards

The People's Bank of Kazakhstan (Halyk Bank) has suspended the MIR payment card service in Russia. According to known information, the most recent business change occurred on February 27. This move has affected ATMs and POS terminals. It is not clear why the restrictions were imposed.

Earlier, media reported that the Russian State Payment System received an official notification from the Armenian payment system that all banks under the Armenian Card (ArCa) payment system will stop MIR payment card services as of March 30.

In Q1 2024, the average daily transaction volume of Hong Kong people using AlipayHK in Japan will increase by 3.5 times

Japan is one of the most popular tourist destinations for Hong Kong people and is the first country where AlipayHK has launched cross-border payment services through Alipay+. AlipayHK's Chief Executive Officer, Angela Lee, said that with more and more merchants in Japan accepting Alipay+, the average daily transaction value and number of transactions of Hong Kong people using AlipayHK in Japan in the first quarter of this year surged by 350% and 500% respectively compared to the same period last year. It is hoped that through the expansion of Alipay+ partner merchants, Hong Kong people can use AlipayHK wherever they travel outside Hong Kong.

14 new overseas indirect participants have been added to the RMB cross-border payment system CIPS

In March 2024, 14 new overseas indirect participants were added to the Cross-border Payment System (CIPS). As of the end of March 2024, there were 1,511 participants in the CIPS system, including 140 direct participants and 1,371 indirect participants.

Adyen, a corporate payments platform, has partnered with PayMe

Adyen, a corporate payments platform, has announced a partnership with HSBC's e-money wallet, PayMe by HSBC, as its acquirer, allowing Adyen's merchants to accept PayMe as a payment method for their Hong Kong customers at online checkouts.

Macau Pass Mpay expands cross-border payments in Japan

On April 2, Macau Pass issued a document stating that in August 2023, MPay cross-border payment will be expanded to more than 50 overseas countries, including Japan, the mainland and Hong Kong. In the first quarter of this year, the transaction volume and number of MPay transactions in Japan increased by more than 200% compared to the fourth quarter of last year.

JD Pay has reached a cooperation agreement with UnionPay International

Recently, JD Pay and UnionPay International have reached a cooperation to jointly provide payment services for overseas consumers based on JD's global sales platform. Users purchase products on the platform, select the "UnionPay" payment method, and enter the corresponding card number to complete the payment.