- 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
notes, learnings and reflections for future self reference