For Singapore’s Shopee, being ‘late’ to the e-commerce game has helped its rise in Southeast Asia

https://ift.tt/eA8V8J For an e-commerce platform under four years old, Shopee has done pretty well for itself.Since it was established in 2015, the Singaporean e-commerce site has become the most visited across Southeast Asia, according to a recent iPrice report which also found that Shopee’s mobile app ranked at the top of its category in terms […]

These four groups of Chinese shoppers will drive online consumption in 2020

https://ift.tt/eA8V8J With a population of 1.4 billion and its status as the world’s No 2 economy, China remains one of the biggest consumer markets in the world. Thanks to widespread mobile and online payments as well as a high smartphone penetration rate, e-commerce is also a popular way of shopping in China.However, amid slowing growth […]

China’s Meituan Dianping vows improvements after delivery man kills retail worker in Wuhan

https://ift.tt/eA8V8J China’s largest on-demand services provider Meituan Dianping said it will take responsibility and “try its best to improve” after one of its delivery men stabbed a retail worker to death on the weekend, prompting debate on social media over the pressures faced by such workers in the country’s hyper-competitive delivery sector.In a statement issued […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

Chinese fintech company Ant Financial quietly takes stake in Vietnam’s eMonkey amid anti-China sentiment

https://ift.tt/eA8V8J China’s Ant Financial, a fintech affiliate of e-commerce giant Alibaba, has quietly acquired a sizeable stake in a Vietnamese e-wallet eMonkey, people familiar with the matter said.The move, negotiated over the summer, is not being announced due to concerns that anti-China sentiment in Vietnam could result in possible pushback, three people with knowledge of […]

Restaurant chain Li Bao Ge joins forces with Freshippo to tap mainland China’s vast online food delivery market as Hong Kong profits tumble amid protests

https://ift.tt/eA8V8J Cantonese restaurants operator Li Bao Ge Group will step into China’s vast food delivery market by working with Alibaba’s online-to-offline grocery retail platform, Freshippo, in order to boost revenue that has been severely dented by the social unrest in Hong Kong.Li Bao Ge entered an agreement with Freshippo to set up more than 10 […]

Singapore’s YouTrip wants to eliminate pesky foreign transaction fees for Southeast Asian travellers

https://ift.tt/eA8V8J As an ex-McKinsey consultant and a frequent business traveller, Hongkonger Caecilia Chu was all too familiar with having to fork out foreign transaction fees on her credit card. Calculated over time, the amount could range from hundreds to even thousands of dollars.Eager to find a solution that would eliminate such fees, Chu decided to […]

Chinese e-commerce platform Xiaohongshu to jump on ‘shoppertainment’ trend with live-streaming

https://ift.tt/eA8V8J Chinese social commerce platform Xiaohongshu will launch live-streaming features early next year, the latest in a stream of e-commerce sites that have implemented the feature as a way to better engage with consumers.The launch, which was announced at its recent Creators’ Day conference, comes as other prominent e-commerce platforms such as Alibaba, JD.com and […]

Pet food, air fryers and face massagers: what US and Chinese shoppers bought on Black Friday and Singles’ Day

https://ift.tt/eA8V8J The year-end period is an eventful one for shoppers in two of the largest consumer markets in the world.In China, consumers snap up billions of dollars of purchases on Alibaba’s Singles’ Day festival every year, feeding a seemingly insatiable appetite for online shopping. They spent a record-breaking US$38.4 billion on Singles’ Day, November 11, […]

US Black Friday shoppers spend record US$7.4 billion online – and Cyber Monday could be bigger

https://ift.tt/eA8V8J Shoppers across the United States splashed out US$7.4 billion online during the Black Friday post-Thanksgiving buying bonanza, according to Adobe Analytics, hurting traffic and sales at bricks-and-mortar stores.The spending marks an all-time record for Black Friday online purchases in the US. It also makes it the second-largest online sales day ever in the country, […]

A foreigner’s life in Beijing without access to Alipay or Wechat Pay is like a fish out of water. Here’s my experience

https://ift.tt/eA8V8J “You might not have to make that trip to the bank after all,” Rob, a friend, messaged me over WeChat the other day. He attached a press release saying Alipay had launched an international version of its mobile payments platform for visitors to China.Named “Tour Pass”, the app can be used for up to […]

Alibaba’s digital infrastructure to help partners transform their businesses, says CEO Daniel Zhang

https://ift.tt/eA8V8J After a successful listing in Hong Kong this week, Alibaba Group Holding chief executive Daniel Zhang Yong said he remains focused on the long term and empowering people through technology.“Today, because of digital technology, we are able to enable people and our merchants to do business in a digital way. We are able to […]

Alibaba’s digital infrastructure to help partners transform their businesses, says CEO Daniel Zhang

https://ift.tt/eA8V8J After a successful listing in Hong Kong this week, Alibaba Group Holding chief executive Daniel Zhang Yong said he remains focused on the long term and empowering people through technology.“Today, because of digital technology, we are able to enable people and our merchants to do business in a digital way. We are able to […]

Alibaba’s digital infrastructure to help partners transform their businesses, says CEO Daniel Zhang

https://ift.tt/eA8V8J After a successful listing in Hong Kong this week, Alibaba Group Holding chief executive Daniel Zhang Yong said he remains focused on the long term and empowering people through technology.“Today, because of digital technology, we are able to enable people and our merchants to do business in a digital way. We are able to […]

With foothold in Hong Kong’s stock market, Alibaba sets itself lifespan goal of 102 years

https://ift.tt/eA8V8J Alibaba Group Holding, returning to Hong Kong’s stock market this week after a five-year wait, considers the city a cornerstone of its strategy to globalise and prosper across three centuries, said its chairman. This week’s successful US$13 billion initial public offering (IPO), the world’s largest fundraising of 2019, will swell Alibaba’s cash equivalent to […]

Alibaba’s Hong Kong shares get fast entry into Hang Seng Composite Index in boon for city’s stock market trading indicator

https://ift.tt/eA8V8J Alibaba Group Holding’s shares will be admitted into a broad version of Hong Kong’s benchmark stock index on December 9, less than two weeks after raising U$13 billion on the city’s bourse in the world’s largest initial public offering.Alibaba’s Hong Kong shares, trading under the stock code 9988, qualify for the fast entry rule […]

Amazon to open store on Chinese e-commerce platform Pinduoduo in time for Black Friday: sources

https://ift.tt/eA8V8J Amazon, the world’s largest online retailer, is set to open a store on Chinese e-commerce platform Pinduoduo after withdrawing its own Chinese domestic marketplace business in July, sources told the Post.The online retail giant will announce its Black Friday sales on Shanghai-based Pinduoduo on Monday and its store on the site will carry goods […]

Amazon to open store on Chinese e-commerce platform Pinduoduo in time for Black Friday: sources

https://ift.tt/eA8V8J Amazon, the world’s largest online retailer, is set to open a store on Chinese e-commerce platform Pinduoduo after withdrawing its own Chinese domestic marketplace business in July, sources told the Post.The online retail giant will announce its Black Friday sales on Shanghai-based Pinduoduo on Monday and its store on the site will carry goods […]

Amazon to open store on Chinese e-commerce platform Pinduoduo in time for Black Friday: sources

https://ift.tt/eA8V8J Amazon, the world’s largest online retailer, is set to open a store on Chinese e-commerce platform Pinduoduo after withdrawing its own Chinese domestic marketplace business in July, sources told the Post.The online retail giant will announce its Black Friday sales on Shanghai-based Pinduoduo on Monday and its store on the site will carry goods […]

Meituan Dianping quarterly revenue beats estimates on expansion beyond food, travel

https://ift.tt/eA8V8J Meituan Dianping’s third-quarter revenue beat expectations after the company, which operates China’s largest e-commerce platform for services, deepened forays into areas beyond its core food delivery and online travel agency businesses.Sales increased 44 per cent to 27.5 billion yuan (US$3.9 billion) in the three months ended September 30, compared with the 26 billion yuan […]

Meituan Dianping quarterly revenue beats estimates on expansion beyond food, travel

https://ift.tt/eA8V8J Meituan Dianping’s third-quarter revenue beat expectations after the company, which operates China’s largest e-commerce platform for services, deepened forays into areas beyond its core food delivery and online travel agency businesses.Sales increased 44 per cent to 27.5 billion yuan (US$3.9 billion) in the three months ended September 30, compared with the 26 billion yuan […]

Meituan Dianping quarterly revenue beats estimates on expansion beyond food, travel

https://ift.tt/eA8V8J Meituan Dianping’s third-quarter revenue beat expectations after the company, which operates China’s largest e-commerce platform for services, deepened forays into areas beyond its core food delivery and online travel agency businesses.Sales increased 44 per cent to 27.5 billion yuan (US$3.9 billion) in the three months ended September 30, compared with the 26 billion yuan […]

Amazon is planning to open supermarkets with no cashiers next year, expanding its push into groceries

https://ift.tt/eA8V8J Amazon.com is preparing to open Amazon Go supermarkets and pop-up stores, an expansion of the company’s cashierless ambitions that includes the possibility of licensing the technology to other retailers.The new store formats and licensing initiative could launch as soon as the first quarter of 2020, according to a person familiar with the project. Amazon is […]

How Alibaba powered billions of transactions on Singles’ Day with ‘zero downtime’

https://ift.tt/eA8V8J In just the first 68 seconds of November 11, shoppers spent US$1 billion on Alibaba’s e-commerce marketplaces, scooping up everything from consumer electronics to luxury items and even cars.By the end of the annual 24-hour Singles’ Day shopping extravaganza, the Chinese tech giant reported a record-shattering 268.4 billion yuan (US$38.4 billion) of sales.All of […]

Alibaba may price Hong Kong stock offering at HK$176 each after marketing process in world’s biggest IPO this year

https://ift.tt/eA8V8J Alibaba Group Holding will offer the investors of its Hong Kong shares a slight discount to its US-listed depositary shares, as Asia’s most valuable company prepares to kick off the world’s largest initial public offering this year.The Hangzhou-based company may price its secondary stock offering in Hong Kong at HK$176 each based on guidance […]

China’s bricks-and-mortar stores stress the shopping experience, rev up with technology to survive the onslaught of online shopping

https://ift.tt/eA8V8J For 90 minutes on a Sunday evening, Tracy Ma and her two girl friends experimented a combination of lipsticks, eyeshadows, eyeliners and blushes in a MAC Cosmetics store along Shanghai’s prime shopping belt. The two-storey outlet is fitted with an augmented reality counter, allowing walk-in customers like the 20-year old office clerk to simulate […]

Alibaba to sell shares at no more than HK$188 per share in its Hong Kong secondary listing, bankers say

https://ift.tt/eA8V8J Alibaba Group Holding will offer its shares at no more than HK$188 (US$24) each, a day before its secondary listing to raise up to US$13.86 billion kicks off for retail investors in Hong Kong, according to bankers and sources familiar with the plan. The international tranche of the global offering of 500 million shares […]

Alibaba’s Hong Kong secondary listing gives Asia’s Taobao users a chance to own stakes in China’s biggest technology champion

https://ift.tt/eA8V8J Five years ago, Alibaba Group Holding chose New York over Hong Kong in what would be the world’s biggest initial public offering ever – worth a whooping US$25 billion.The listing on the New York Stock Exchange made the Chinese technology and e-commerce giant a globally recognised name – American pop star Taylor Swift performed […]

Banks, investors hoard cash in anticipation of Alibaba’s ‘giant IPO’, push up interbank lending rate

https://ift.tt/eA8V8J A gauge of Hong Kong’s bank funding costs spiked to its highest level in more than a month this week, as investors and financial institutions stashed away cash in anticipation of a massive secondary listing by Alibaba Group Holding in the city.Alibaba, the parent company of the South China Morning Post, won approval this […]

Alibaba’s Ant Financial testing enterprise blockchain network targeting small businesses

https://ift.tt/eA8V8J Alipay operator Ant Financial Services is aiming to launch a new enterprise blockchain network, the Ant Blockchain Open Community, in the next three months.Speaking at the World Blockchain Summit at Wuzhen in Southeastern China last Friday, Ant Financial’s executive director of technology and business innovation Li Jieli said that the alliance aimed to support […]

Alibaba gets the nod to sell shares in Hong Kong, in a secondary listing that catapults city back to the top of world’s IPO ranking

https://ift.tt/eA8V8J The listing committee of the Hong Kong stock exchange has approved the application by Alibaba Group Holding, the record holder of the largest global initial public offering, to sell up to HK$117 billion (US$15 billion) of new shares in a secondary listing that would return the city as the world’s fundraising capital for the […]

China’s record Singles’ Day offers glimpse of future shopping trends as buyers embrace live streaming

https://ift.tt/eA8V8J 23-year-old He Hai opens thousands of clams in front of the camera every day. As the owner of an online jewellery shop on Taobao, he showcases fresh pearls for his customers who watch the live streaming and make orders right away.Growth in live-streaming shopping now contributes 80 per cent of revenue at his UU […]

Smartphone brands break records in first hours of Singles’ Day shopping festival

https://ift.tt/eA8V8J Defying an overall sales decline in the world’s largest smartphone market, Chinese handset vendors have taken advantage of the frenzy surrounding the world’s biggest online sales festival to boost sales as local consumers unlock their spending to take advantage of the low prices.All major Chinese smartphone brands reported stellar sales figures in the first […]

Chinese consumers spend US$10 billion in half an hour in Alibaba’s Singles’ Day shopping event

https://ift.tt/eA8V8J Chinese consumers collectively spent US$10 billion in just under 30 minutes at Alibaba’s Singles’ Day shopping extravaganza, scooping up everything from consumer electronics to luxury items and even cars. The figure is almost one-third of last year’s final tally of US$30.8 billion.Alibaba’s Singles’ Day shopping festival, which falls on November 11 every year, is […]

Bitcoin is not real, and any purchase amounts to speculation, says ECB’s ex-chief as he pours cold water on cryptocurrency

https://ift.tt/eA8V8J The European Central Bank’s former president Jean-Claude Trichet said he is doubtful that cryptocurrencies can ever become the future of money, becoming the latest monetary authority to pour cold water on the simmering technology that seeks to disrupt and disintermediate global central banks from their control of currencies.“I am strongly against bitcoin, and I […]

Bitcoin is not real, and any purchase amounts to speculation, says ECB’s ex-chief as he pours cold water on cryptocurrency

https://ift.tt/eA8V8J The European Central Bank’s former president Jean-Claude Trichet said he is doubtful that cryptocurrencies can ever become the future of money, becoming the latest monetary authority to pour cold water on the simmering technology that seeks to disrupt and disintermediate global central banks from their control of currencies.“I am strongly against bitcoin, and I […]

Bitcoin is not real, and any purchase amounts to speculation, says ECB’s ex-chief as he pours cold water on cryptocurrency

https://ift.tt/eA8V8J The European Central Bank’s former president Jean-Claude Trichet said he is doubtful that cryptocurrencies can ever become the future of money, becoming the latest monetary authority to pour cold water on the simmering technology that seeks to disrupt and disintermediate global central banks from their control of currencies.“I am strongly against bitcoin, and I […]

With the US-China trade war in its 16th month, will the Singles’ Day shopping extravaganza continue to shine?

https://ift.tt/eA8V8J Before Singles’ Day became known as China’s biggest online shopping spree, it was simply a day on November 11 when people could celebrate being single in a society which traditionally favours couples. Urban legend has it that Singles’ Day was invented in 1993, by four single male students in a Nanjing University dormitory – then […]

Facebook’s WhatsApp adds shopping catalogue feature, bringing e-commerce to popular messaging app

https://ift.tt/eA8V8J Facebook on Thursday launched a catalogue feature for its WhatsApp messaging app, it said in a blog post, building out the service’s e-commerce tools as it moves slowly toward monetising the app it bought in 2014 for US$19 billion.Facebook has been trying to boost revenue from higher-growth units like Instagram and WhatsApp, which has […]

China’s digital currency tsar says e-payment platforms may decouple from banks, giving the framework for visitors to access cashless online payment services

https://ift.tt/eA8V8J China’s central bank, working on a plan to launch a digital version of the renminbi, said the virtual currency can be “decoupled” from the banking system to give visiting tourists a taste of the nation’s burgeoning cashless society.The original construct of the proposed digital currency electronic payment (DCEP) system, which relies on licensed commercial […]

Alipay launches international e-wallet, giving foreigners access to mobile payment platform in first for China

https://ift.tt/eA8V8J Without a Chinese bank account and a local mobile phone line, foreigners have found it difficult, if not impossible, to find any smartphone app to pay for online purchases in China. That hurdle will be now removed under a pioneering effort by Alipay.Ant Financial Services Group, which operates one of China’s two dominant e-payment […]

Gojek gets green light for Malaysia test runs despite backlash

https://ift.tt/eA8V8J Malaysia will allow motorcycle-hailing firms such as Indonesia’s Gojek and local start-up Dego Ride to begin operations on a limited scale from January 2020, Malaysia’s transport minister said on Tuesday, despite criticism of their introduction.Gojek’s backers include Alphabet’s Google and Chinese tech companies Tencent and JD.com. Both Gojek and Dego Ride will start operating […]

Alibaba quarterly revenue jumps 40 per cent ahead of Singles’ Day shopping festival

https://ift.tt/eA8V8J E-commerce giant Alibaba Group Holding reported a 40 per cent revenue increase for the quarter ended September 30, less than two weeks before its Singles’ Day retail extravaganza is expected to attract more than 500 million shoppers for the first time.New York-listed Alibaba on Friday posted better-than-expected revenue of 119 billion yuan (US$16.6 billion) […]

Chinese shoppers say they would shun American brands during the world’s busiest 24 hours of online shopping

https://ift.tt/eA8V8J The world’s largest online shopping event may be in the grips of a nationalistic fervour, as three in four Chinese consumers say they will avoid US labels, opting for local brands, during Singles’ Day on November 11.Up to 78 per cent of Chinese consumers said they would avoid buying American brands, opting instead for […]

Chinese shoppers say they would shun American brands during the world’s busiest 24 hours of online shopping

https://ift.tt/eA8V8J The world’s largest online shopping event may be in the grips of a nationalistic fervour, as three in four Chinese consumers say they will avoid US labels, opting for local brands, during Singles’ Day on November 11.Up to 78 per cent of Chinese consumers said they would avoid buying American brands, opting instead for […]

Chinese shoppers say they would shun American brands during the world’s busiest 24 hours of online shopping

https://ift.tt/eA8V8J The world’s largest online shopping event may be in the grips of a nationalistic fervour, as three in four Chinese consumers say they will avoid US labels, opting for local brands, during Singles’ Day on November 11.Up to 78 per cent of Chinese consumers said they would avoid buying American brands, opting instead for […]

Pop superstar Taylor Swift helps Alibaba plug Singles’ Day, the world’s biggest shopping spree

https://ift.tt/eA8V8J American pop superstar Taylor Swift will headline Alibaba Group Holding’s Singles’ Day campaign next month in Shanghai, turning her considerable star wattage on the world’s largest annual online shopping spree.By most measures the biggest recording star on the planet, Swift is the highest-profile act to feature at Alibaba’s annual November 11 retail extravaganza since […]

Rural consumers offer opportunities for China’s e-commerce giants amid slower growth in cities

https://ift.tt/eA8V8J Two years ago Li Yuhua’s daughter taught her how to shop online. Since then, the 51-year-old farmer in Wushan, a small village of around 100 people in China’s central Hubei province, has been a regular online shopper, even pre-ordering 2,000 yuan (US$282) worth of goods this week ahead of China’s Singles’ Day shopping festival […]

Pinduoduo founder Huang says e-commerce player has surpassed JD.com on GMV two years ahead of plan

https://ift.tt/eA8V8J Chinese social e-commerce company Pinduoduo’s founder and chairman Colin Huang said that Gross Merchandise Volume (GMV) on its platform, which measures the overall volume of transactions in a given period, has actually surpassed that of JD.com, local media reported on Monday.Huang made the remarks earlier this month, without disclosing actual numbers, in a speech […]

Alibaba sets sights on 500 million consumers for Singles’ Day shopping festival on November 11

https://ift.tt/eA8V8J Alibaba Group Holding is expecting an additional 100 million consumers to shop on its Tmall and Taobao online platforms but declined to provide targeted sales value for the Singles’ Day shopping festival on November 11.The e-commerce giant said on Monday that based on its analysis of data and consumer behaviour, the number of participants […]

Hongkongers are the world’s most reluctant online shoppers, but try stopping the Chinese

https://ift.tt/eA8V8J Hongkongers just won’t shop online, while the Chinese can’t get enough of it.Only 4 per cent of overall retail spending in Hong Kong was conducted online, compared to 24 per cent on the mainland – the highest of any nation, the FIS 2019 Retail Global Payments Report showed last week.The report surveyed online and […]

Alibaba’s Jack Ma hopes to empower entrepreneurs in Africa

https://ift.tt/eA8V8J Jack Ma, founder of e-commerce giant Alibaba Group Holding, is looking to empower entrepreneurs in Africa so that they can help drive change in the world’s second largest continent.“Entrepreneurs are the most important element to promote society,” said Ma in a talk on Tuesday at the Forbes Global CEO Conference in Singapore, where he […]

Chinese e-commerce platforms block Houston Rockets’ merchandise after backlash over GM’s tweet supporting Hong Kong protests

https://ift.tt/eA8V8J China’s leading e-commerce platforms, including Alibaba’s Taobao, JD.com and Pinduoduo, have blocked products related to US basketball team the Houston Rockets, whose general manager Daryl Morey on Friday posted a now-deleted tweet that indicated support for the pro-democracy protests in Hong Kong.Online searches for Houston Rockets merchandise on the platforms turned up a message […]

Chinese e-commerce platforms block Houston Rockets’ merchandise after backlash over GM’s tweet supporting Hong Kong protests

https://ift.tt/eA8V8J China’s leading e-commerce platforms, including Alibaba’s Taobao, JD.com and Pinduoduo, have blocked products related to US basketball team the Houston Rockets, whose general manager Daryl Morey on Friday posted a now-deleted tweet that indicated support for the pro-democracy protests in Hong Kong.Online searches for Houston Rockets merchandise on the platforms turned up a message […]

Chinese e-commerce platforms block Houston Rockets’ merchandise after backlash over manager’s tweet supporting Hong Kong protests

https://ift.tt/eA8V8J China’s leading e-commerce platforms, including Alibaba’s Taobao, JD.com and Pinduoduo, have blocked products related to US basketball team the Houston Rockets, whose general manager Daryl Morey on Friday posted a now-deleted tweet that indicated support for the pro-democracy protests in Hong Kong.Online searches for Houston Rockets merchandise on the platforms turned up a message […]

Inside China Tech: Leaders in Tech – Yamibuy’s Alex Zhou on building a US$100 million business on homesickness

https://ift.tt/eA8V8J When Alex Zhou, chief executive of US-based e-commerce site Yamibuy, first moved in 2009 to study at a university in the Midwestern state of Kansas, he never imagined obtaining items like soy sauce or Chinese-style instant noodles would entail a two-hour drive on the Interstate-70 highway to Kansas City. He certainly wasn’t alone. Seeing […]

Ctrip may have ceded Chinese hotel booking leadership to Meituan but here’s why CEO Jane Sun isn’t worried

https://ift.tt/eA8V8J Newcomer Meituan-Dianping may have overtaken travel specialist Ctrip in China’s hotel booking market, but Ctrip chief executive Jane Sun Jie is not concerned.“We have 10,000 engineers working behind the scenes,” Sun said in a recent interview in Singapore. “At Ctrip we think about nothing else but travel, 24/7. All of our best talent is […]

PayPal to enter China mobile payments market through local acquisition approved by Beijing

https://ift.tt/eA8V8J US digital money transfer platform PayPal Holdings has obtained Beijing’s approval to buy a controlling stake in a domestic payments firm, which would make PayPal the first foreign firm to enter China’s payment services market.Gopay Information Technology, PayPal’s acquisition target, has received approval from China’s central bank to sell a 70 per cent stake […]

Top tech investor GGV bets India corner shops can fight Amazon

https://ift.tt/eA8V8J One of the most successful Silicon Valley-Asia venture capital firms is counting on the humble family-run store that dominates India’s retail landscape to hold its own against Amazon.com and Walmart.Menlo Park, California-based GGV Capital, a US$6.2 billion investor in some of the biggest unicorns in the US and China – including Airbnb, Xiaomi Corp, […]

JD.com’s fintech arm hires former chief executive of China’s first P2P lender Yirendai

https://ift.tt/eA8V8J JD Digits, the fintech arm of Chinese e-commerce player JD.com, has poached Yirendai’s former chief executive Fang Yihan away, the company confirmed with KrASIA on Sunday. Fang has joined Dongrich as its chief executive.Dongrich is JD Digits’ subsidiary that provides wealth management products for affluent Chinese families.After a decade of working experience in the […]

It’s Amazon vs Walmart in the battle for India’s Black Friday

https://ift.tt/eA8V8J Step aside Cyber Monday, forget Black Friday and watch out Singles’ Day. India is home to a shopping festival that hopes one day to eclipse them all, even if it hasn’t settled on a name for it yet.Much like Thanksgiving in America and November 11 in China, Diwali – India’s festival of lights – […]

Hong Kong virtual banks could soft-launch some services in fourth quarter, monetary authority says

https://ift.tt/eA8V8J The city’s new virtual banks could potentially have a soft launch of some services as soon as the fourth quarter of this year, according to Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority.Speaking at the Hong Kong Institute of Bankers conference on Thursday, Yuen said the de facto central bank had […]

Hong Kong virtual banks could soft-launch some services in fourth quarter, monetary authority says

https://ift.tt/eA8V8J The city’s new virtual banks could potentially have a soft launch of some services as soon as the fourth quarter of this year, according to Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority.Speaking at the Hong Kong Institute of Bankers conference on Thursday, Yuen said the de facto central bank had […]

Hong Kong virtual banks could soft-launch some services in fourth quarter, monetary authority says

https://ift.tt/eA8V8J The city’s new virtual banks could potentially have a soft launch of some services as soon as the fourth quarter of this year, according to Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority.Speaking at the Hong Kong Institute of Bankers conference on Thursday, Yuen said the de facto central bank had […]

Alibaba unveils new AI chip aimed at speeding up e-commerce and cloud computing tasks

https://ift.tt/eA8V8J Alibaba Group Holding has revealed its own home-grown high-performance AI inference chip, a neural processing unit (NPU) named Hanguang 800, as it pushes further into the field of artificial intelligence and seeks to make its e-commerce platform more efficient.Alibaba, which owns the South China Morning Post and is China’s biggest e-commerce player, unveiled the […]

China’s JD.com adds more bricks-and-mortar stores to supply chain to speed up deliveries

https://ift.tt/eA8V8J Online shopping giant JD.com is targeting delivery times of as little as 30 minutes across China by having various offline retail outlets, including Walmart, to directly get products to customers.Beijing-based JD.com’s latest initiative forms part of efforts to improve the overall efficiency of its supply chain, according to Carol Fung, president of the company’s […]

Australia probes PayPal over claims child sex offenders use platform to purchase material from Asia

https://ift.tt/eA8V8J Australia’s financial regulator on Tuesday ordered an investigation into global money transfer platform PayPal over concerns it is being misused by sex offenders to buy child abuse material from Asia.Austrac, which is tasked with ensuring compliance with the country’s anti-money laundering and counterterrorism laws, ordered PayPal’s Australian unit to appoint an external auditor to […]

Malaysia’s iCar Asia snaps up Indonesian online marketplace Carmudi for US$3 million

https://ift.tt/eA8V8J Automotive portal operator iCar Asia has entered into a binding agreement to acquire online marketplace Carmudi Indonesia, in a move to capture the growth in Southeast Asia’s vast used car market.The transaction is expected to be completed on October 15, according to a statement from Kuala Lumpur-based iCar Asia. The US$3 million deal will […]

Malaysia’s iCar Asia snaps up Indonesian online marketplace Carmudi for US$3 million

https://ift.tt/eA8V8J Automotive portal operator iCar Asia has entered into a binding agreement to acquire online marketplace Carmudi Indonesia, in a move to capture the growth in Southeast Asia’s vast used car market.The transaction is expected to be completed on October 15, according to a statement from Kuala Lumpur-based iCar Asia. The US$3 million deal will […]

Malaysia’s iCar Asia snaps up Indonesian online marketplace Carmudi for US$3 million

https://ift.tt/eA8V8J Automotive portal operator iCar Asia has entered into a binding agreement to acquire online marketplace Carmudi Indonesia, in a move to capture the growth in Southeast Asia’s vast used car market.The transaction is expected to be completed on October 15, according to a statement from Kuala Lumpur-based iCar Asia. The US$3 million deal will […]

Indonesian e-commerce unicorn Tokopedia to build ‘super ecosystem’ after Bridestory acquisition

https://ift.tt/eA8V8J Indonesian wedding services marketplace Bridestory made headlines when it was acquired by Tokopedia, the country’s largest e-commerce platform, in June this year.What started as a discussion in late 2018 about a potential collaboration between Kevin Mintaraga, Bridestory’s co-founder and chief executive, and William Tanuwijaya, co-founder and chief executive of Tokopedia, eventually led to the […]

Starbucks to your doorstep in 30 minutes is now possible in China

https://ift.tt/eA8V8J China’s consumers now can order Starbucks through Alibaba’s smart speaker Tmall Genie and have their deliveries within 30 minutes, the latest example of the popularity of on-demand daily services among the world’s biggest internet population.The two companies announced their collaboration on Wednesday. The orders will be delivered by Alibaba’s food delivery platform Ele.me. A […]

Tokopedia, Gojek, and Grab partner with Jakarta’s government to accelerate smart city development

https://ift.tt/eA8V8J Indonesia e-commerce unicorn Tokopedia, along with super-apps Gojek, Grab, and other five startups, have signed a partnership with the Jakarta government to accelerate the development of the capital’s smart city project.In a press statement, Tokopedia announced its recent position as the government’s economic partner. The company will train small and medium enterprises (SMEs) to […]

Tencent integrates live streaming into WeChat’s mini program platform, opening up e-commerce options

https://ift.tt/eA8V8J China’s internet giant Tencent has been speeding up the integration of live-streaming features into its WeChat mini program platform, aiming to boost e-commerce, according to a WeChat public account called Tencent Live Streaming Assistant.Tencent started to recruit content managing companies to test the live streaming function last March, and recently, the company has also […]

Tencent integrates live streaming into WeChat’s mini program platform, opening up e-commerce options

https://ift.tt/eA8V8J China’s internet giant Tencent has been speeding up the integration of live-streaming features into its WeChat mini program platform, aiming to boost e-commerce, according to a WeChat public account called Tencent Live Streaming Assistant.Tencent started to recruit content managing companies to test the live streaming function last March, and recently, the company has also […]

Why more of China’s digital-savvy youth are falling victim to online fraud

https://ift.tt/eA8V8J It’s one of the oldest scams in the book – a caller says your son or daughter is in trouble and asks for money to be transferred to an unfamiliar bank account. The surprise is that many people, usually the elderly, still fall for this age-old trick.But a bigger surprise may be that the […]

Lazada says it is e-commerce leader in Southeast Asia with 50 million buyers

https://ift.tt/eA8V8J Lazada Group chief executive Pierre Poignant said the company operates the top e-commerce platform in Southeast Asia with 50 million active buyers annually, contrary to prior reports that painted the site as a laggard.“We are growing at triple digits for the past three quarters, which has really sort of defined our position as number […]

Lazada says it is e-commerce leader in Southeast Asia with 50 million buyers

https://ift.tt/eA8V8J Lazada Group chief executive Pierre Poignant said the company operates the top e-commerce platform in Southeast Asia with 50 million active buyers annually, contrary to prior reports that painted the site as a laggard.“We are growing at triple digits for the past three quarters, which has really sort of defined our position as number […]

Alibaba marks 20-year milestone with pledge to push forward global e-commerce expansion

https://ift.tt/eA8V8J Alibaba Group Holding’s new executive chairman, Daniel Zhang Yong, pledged to advance the e-commerce giant’s strategies of expanding beyond China, serving domestic consumption and pushing into advanced technologies in a speech at the company’s 20th anniversary celebration on Tuesday.“We must further advance our three strategies, that is globalisation, [catering to] domestic needs, big data […]

Alibaba marks 20-year milestone with pledge to push forward global e-commerce expansion

https://ift.tt/eA8V8J Alibaba Group Holding’s new executive chairman, Daniel Zhang Yong, pledged to advance the e-commerce giant’s strategies of expanding beyond China, serving domestic consumption and push into advanced technologies in a speech at the company’s 20th anniversary celebration on Tuesday.“We must further advance our three strategies, that is globalisation, [catering to] domestic needs, big data […]

Why China’s farmers rocketed to fame as live-streaming video stars

https://ift.tt/eA8V8J It was on top of a hill, in the orange orchards on the outskirts of Zhangjiajie, a city in northwestern China’s Hunan province, where Zhong Haihui took a big leap from being a fruit farmer to become a live-streaming video star.Neighbours in his farming community were initially bewildered in 2017 at the sight of […]

Meituan-backed Indian food delivery unicorn Swiggy launches new on-demand service

https://ift.tt/eA8V8J Swiggy, the Indian online food ordering and delivery start-up backed by Meituan Dianping, has launched an on-demand, intracity courier service to send small packages of nearly anything, including laundry, lunchboxes and documents.This new last-mile delivery service, called Swiggy Go, will initially operate in the company’s home base of Bangalore, capital of the southwestern state […]

Meituan-backed Indian food delivery unicorn Swiggy launches new on-demand service

https://ift.tt/eA8V8J Swiggy, the Indian online food ordering and delivery start-up backed by Meituan Dianping, has launched an on-demand, intracity courier service to send small packages of nearly anything, including laundry, lunchboxes and documents.This new last-mile delivery service, called Swiggy Go, will initially operate in the company’s home base of Bangalore, capital of the southwestern state […]

Meituan-backed Indian food delivery unicorn Swiggy launches new on-demand service

https://ift.tt/eA8V8J Swiggy, the Indian online food ordering and delivery start-up backed by Meituan Dianping, has launched an on-demand, intracity courier service to send small packages of nearly anything, including laundry, lunchboxes and documents.This new last-mile delivery service, called Swiggy Go, will initially operate in the company’s home base of Bangalore, capital of the southwestern state […]

Meituan Dianping said to re-enter power bank sharing business

https://ift.tt/eA8V8J Meituan Dianping, China’s largest on-demand services provider, plans to re-enter the power bank sharing business, as the loss-making company expands its search for more sources of revenue and boosts user stickiness.The Beijing-based firm will roll out an unspecified number of power bank sharing stations across the country, according to a report on Monday by […]

E-commerce player JD.com allows users to tailor-make clothes, pushing boundaries of mass customisation

https://ift.tt/eA8V8J China’s e-commerce platform JD.com has started to allow its users to order tailor-made clothes, moving beyond offering only ready-to-wear garments, according to a company statement.As a JD.com user, you can provide your measurements and preferences for garment details including which type of fabric, the types of cuffs and pockets and then wait for seven […]

Pinduoduo targets greater logistics support for merchants, rivalling Alibaba’s Cainiao

https://ift.tt/eA8V8J Pinduoduo, China’s third largest e-commerce company, plans to establish its own logistics data network to speed up deliveries as it competes with market leaders Alibaba Group Holding and JD.com.Supported by artificial intelligence (AI) and big data technologies, the new operation will offer services including route planning, automated warehousing, parcel sorting and specific systems to […]

Pinduoduo founder says latest results prove its e-commerce platform isn’t just for cheapskates

https://ift.tt/eA8V8J Pinduoduo, a Chinese e-commerce platform that is seeking to dispel an association with price-sensitive customers, said it gained more customers from the nation’s most developed cities, a feat that would bolster its challenge against more established rivals Alibaba Group Holding and JD.com.Orders from the most developed cities, such as Beijing, Shanghai and Hangzhou, accounted […]

China’s social e-commerce sector to more than double to US$185 billion in sales by 2021

https://ift.tt/eA8V8J Social e-commerce has been growing exponentially in popularity among Chinese consumers for the past three years. Its GMV, or total volume of sales, is expected to keep growing at a fast pace to reach 1.3 trillion yuan (US$185 billion) this year and more than double to reach 2.86 trillion yuan in 2021, according to […]

Alibaba posts 42 per cent gain in quarterly revenue, defying slowdown in China

https://ift.tt/eA8V8J Alibaba Group Holding beat estimates to report a 42 per cent revenue increase in the quarter ended June 30 amid signs of strain in China’s economy from the protracted trade war with the US. New York-listed Alibaba on Thursday posted better-than-expected revenue of 114.9 billion yuan (US$16.7 billion) in its fiscal first quarter, up […]

How Chinese e-commerce start-up Kilimall wants to become a ‘digital enabler’ to Africa and its shoppers

https://ift.tt/eA8V8J Kilimall, the Chinese start-up that is now one of Africa’s leading e-commerce players, is building a platform that empowers thousands of Chinese small businesses eyeing Africa with their localised services.Named after Africa’s highest mountain Kilimanjaro, Kilimall was the first Chinese e-commerce company to enter Africa, selling products that span various categories including electronics, clothing, […]

Why China’s next crop of ‘techpreneurs’ are skipping home and eyeing a fresh gold rush in new markets

https://ift.tt/eA8V8J During the past decade of breakneck economic growth, China has been a gold mine for tech start-ups, with the biggest internet user base in the world of 829 million.But a new wave of Chinese entrepreneurs are now deciding to skip the country in favour of fast-growing markets in Southeast Asia, India, the Middle East […]

Hongkongers are reaping the benefits of virtual banks even before their launch. Here’s how

https://ift.tt/eA8V8J Hong Kong’s first virtual banks are not expected to be operational for at least another month, but banking customers in the city are already reaping the benefits. For the first time in about two decades, eight of the special administrative region’s largest banks will no longer charge fees for failure to maintain a minimum […]

Hongkongers are reaping the benefits of virtual banks even before their launch. Here’s how

https://ift.tt/eA8V8J Hong Kong’s first virtual banks are not expected to be operational for at least another month, but banking customers in the city are already reaping the benefits. For the first time in about two decades, eight of the special administrative region’s largest banks will no longer charge fees for failure to maintain a minimum […]

Online food orders surge for delivery giants like Meituan as China endures heatwave

https://ift.tt/eA8V8J China’s spell of hot weather has seen a surge in online food deliveries as consumers opt to stay indoors and order everything from ice cream and iced watermelon to beer and barbecue skewers.Meituan Dianping, the country’s largest online food delivery platform, saw daily orders surpass 30 million for the first time over the weekend, […]