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Jman888

Is Alibaba getting too big for comfort?

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looks like big chunk of the money is flowing through alibaba's alipay, so much until the central govt felt threatened?
 
 
China sets up clearing house for online payment services like AliPay and Tenpay
PUBLISHED : Monday, 07 August, 2017, 7:40pm
Maggie Zhang
 
China’s central bank has ordered the establishment of a nationwide clearing house for online payment services, instructing them to route their transactions via the new platform, to shield consumers and the financial system from an internet-enabled model of finance that’s already made up almost 3 per cent of the country’s non-cash payments.
 
The China National Clearing Centre -- the Chinese central bank’s settlements and clearing arm -- signed an agreement on July 28 to establish the platform’s operating company with 44 financial firms, including Alibaba Group Holdings’ affiliate Ant Financial, Tencent Holdings and China UnionPay’s affiliate, according to an August 1 statement by HyUnion Holding Co.
 
Banks and online payment systems including Alibaba’s AliPay and Tencent’s Tenpay must connect to the new platform by October 15, and be ready to route transactions through it from June 30, 2018, according to a notice by the People’s Bank of China.
 
The new platform is the internet version of UnionPay’s clearing service for bank-to-bank transactions, while the new platform is for transactions involving third-party online payment firms and banks.
 
“The current direct connection model bypasses the central bank’s clearing system, making it difficult for regulators to track and monitor the capital flow of those payments, leaving loopholes for money laundering and other irregularities,” said Wang Pengbo, an analyst at Beijing-based consultancy Analysys.
 
For consumers, a unified nationwide platform and unified regulations, mean a safer payment online, he said.
 
Online payments through non-bank payment services expanded 60 per cent in the first quarter to 47 billion transactions valued at 26.47 trillion yuan (US$3.9 trillion), 43 per cent more than last year, according to the central bank’s data.
 
Two services dominate China’s online payments, with Alibaba’s AliPay taking 54 per cent of the market, while Tencent’s Tenpay -- also known as WeChat Pay or WePay -- has 40 per cent, according to Analysys’ estimate. Alibaba is owner of the South China Morning Post.
The new platform had been undergoing trials since March 31 to test its functions and risk control measures, according to the Payment & Clearing Association of China.
 
Some services have begun shifting their transactions to the new platform, the association said in July, noting that the platform will speed up the shift to replace the current “direct connection” model, without giving a date.
 
Under the current “direct connection” model, a payment firm is directly connected with a number of banks, being able to make de facto interbank payment.
 
Helen Mu, senior vice president of ChinaPNR and president of PNR Data, said the Shanghai-based payment firm is in the process of getting connected with the new platform, which is expected to trim cost for payment firms with a unified access to all banks.

 

 

 

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Communist state. No one can be more powerful than the state.

 

The bosses of anbang, Dalian Wanda and fosun realized this recently.

 

If being married to Deng xiao ping's granddaughter doesn't protect you from being thrown into a black hole jail for the last few months lol...

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Communist state. No one can be more powerful than the state.

 

The bosses of anbang, Dalian Wanda and fosun realized this recently.

 

If being married to Deng xiao ping's granddaughter doesn't protect you from being thrown into a black hole jail for the last few months lol...

 

 

oh yah Wanda has to sell off their overseas asset to deleverage  [sweatdrop]

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Or is  this big boys never pay enough "protection" $$$ to the central gov?? The machinery and their little brother need to be oil to move smoothly...   [lipsrsealed]

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Or is  this big boys never pay enough "protection" $$$ to the central gov?? The machinery and their little brother need to be oil to move smoothly...   [lipsrsealed]

 

Not about protection money here. It's about who controls the flow of money.

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Not about protection money here. It's about who controls the flow of money.

 

Like that open company for what in China....  earn the $$$$ the Big Boss want to control....  [knife]  :a-bang:

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Right thing to do.

 

Central banks cannot allow free flow of currency in and out of its borders without some form of oversight, for countering money laundry, terrorism purposes too.

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If worry Ah Jack can shift his money to sg and stay in bukit timah.Can work out I think.

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If worry Ah Jack can shift his money to sg and stay in bukit timah.Can work out I think.

 

I think he targeting Sg. Saw quite a few shops with alipay already. Zoo, cristofori and some other shops.

 

Looks like they also have office at Jalan Pemimpin area? I saw a building with all the alibaba company logos on their windows.

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I think he targeting Sg. Saw quite a few shops with alipay already. Zoo, cristofori and some other shops.

 

Looks like they also have office at Jalan Pemimpin area? I saw a building with all the alibaba company logos on their windows.

Don't forget lazada and redmart.

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I won't say it's a wrong thing to do.

China is becoming a big market, especially for online transactions. Such a move will instead protect the country 's financial system, against online frauds, terrorism, money laundering.

And since China is the upcoming big economy in the coming decades, it's actually wise of them to beef up their financial services standards and security,in order to secure their trade with other countries in the long term.

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I saw a grocery shop at Geylang, using alipay to made payment.

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I saw a grocery shop at Geylang, using alipay to made payment.

 

Not surprised.. that area already loads of AT and ATB [gorgeous] around.. Geylang is the new China-town..... 

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when guangzhou had a GDP which was 30% of the whole GDP of china, they clean it all up. Soon they will go clean hangzhou.  [:p]  [laugh]  [laugh]

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I think from Sept 1 onwards, all CHINA banks need to submit daily overseas transaction more than RMB1k (1,000) to SAFE.

 

This submission has to be done daily by 12 noon.

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What's SAFE?

 

200 dollar transaction also need to report? Mati la.

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XJP means to secure his dynasty. Don't play play. No chinese leader has had such power concentrated in his hands since Deng Xiaoping.

 

Correspondingly, through all these mechanisms, any of the outside party support of his opponents are all severely affected. Especially the billionaires who for the last several years have had free reigns.

 

All his political opponents jiak sai until jialat jialat the last few years. 

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