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China has transited from cash to mobile cashless
Alibaba - ecommerce - TenCent - Small Vendors
- China development bank has seen decrease in number of transaction and deposits
- Chinese government want to ensure control of financial is not usurped by the two big tech
Past legislation to ensure every wallet user of Alipay and TenCent has a corresponding Chinese bank account - Policy of TenCent pay is more lenient hence easier for new user with no bank account in China to onboard
- Singapore government is throwing hurdles on Chinese payment to buy time for DBS to catch up
matter of national security concern - Chinese governments have preference to want to own their own infrastructure
- Chinese development bank
branding considered prestigious in China - branding is lost on Singaporeans - lost 1000 Chinese speaking Singaporean employees last year
- Mobile payments in China
payment process has became ubiquitous - even vendors in remote region of China have adopted - crime rate has gone down significantly - crime has increasingly became more sophisticated and require specialized knowledge