WeChat teams up with U.S. mobile payments startup
A summary of today’s top news in Chinese business and technology. Part of the daily The China Project news roundup "The Kushner visa program — apply in Beijing or Shanghai."
Caixin reports (paywall) that a Silicon Valley startup called Citcon is bringing Chinese mobile payments to North America, first through an agreement with Alipay in February, as well as through an agreement with Tencent, the owner of the messaging app WeChat. WeChat and Alipay are the two largest mobile payment platforms in China, and users — particularly Chinese tourists in the U.S. — now have the convenience of paying at select stores using the Chinese mobile apps they are already familiar with. Read more on The China Project about the ongoing “payments war” between WeChat and Alipay.
- China sews up record $43 billion foreign takeover deal but work remains / WSJ (paywall)
The ChemChina acquisition of Syngenta was approved by Syngenta’s shareholders on May 5, after the largest-ever merger from China passed regulatory hurdles in the EU last month. - China credit squeeze dents global growth / Financial Times (paywall)
- China’s deleveraging bill tops $500 billion / Bloomberg
- China stresses ‘steady’ planning for new economic zone / Reuters
- Tycoons from China plant money management flags on Wall Street / Bloomberg
- Huawei mixes Silicon Valley drive with Chinese socialism / Financial Times (paywall)
