Latest news with #Alipay
UAE Moments
5 hours ago
- UAE Moments
Don't Make the Same Mistake as I Did – Must-Have China Apps
Traveling to China without the right apps can turn your trip into a frustrating experience. I learned this the hard way—struggling with payments, transport, and language barriers. To save you the hassle, here are the must-have apps you need before landing in China. 1. WeChat (微信) & Alipay (支付宝) – For Cashless Payments China is largely cashless, and many places don't accept foreign cards. WeChat Pay and Alipay are essential for transactions—from street vendors to high-end stores. Pro tip: Link your foreign card before arriving, as setup can be tricky. 2. Didi (滴滴出行) – China's Uber Taxis can be tough without Chinese skills. Didi lets you book rides easily, with an English interface. Avoid the stress of haggling or getting lost! 3. VPN (ExpressVPN, NordVPN, Astrill) – Access Google & WhatsApp China blocks Google, WhatsApp, Instagram, and more. A reliable VPN is a lifesaver for maps, emails, and staying connected. Download it before you arrive! 4. Pleco or Google Translate – Break the Language Barrier Many locals don't speak English. Pleco (for Chinese learners) and Google Translate (with offline packs) help with signs, menus, and conversations. 5. Baidu Maps or Apple Maps – Navigation Without Google Google Maps doesn't work well in China. Baidu Maps (Chinese) or Apple Maps (English-friendly) are better for directions and public transport. 6. Meituan (美团) or Eleme (饿了么) – Food & Delivery Craving local food? These apps let you order meals, groceries, and even book hotels—like a Chinese super-app. Final Advice
Asia Times
7 hours ago
- Business
- Asia Times
Hong Kong's stablecoin moment eclipses dollar peg debate
As global markets obsess over Hong Kong's 42-year-old currency peg to the US dollar, Financial Secretary Paul Chan seems more intrigued by the next four decades for the city's economy. The currency speculators testing the Hong Kong monetary authority have a point, of course. The Hong Kong dollar is experiencing extreme volatility as the US exchange rate gyrates amid questions about Donald Trump's tariffs and the direction of US Federal Reserve policy. To be sure, there is no serious discussion about Hong Kong abandoning its current 7.75–7.85 fixed rate band to the US dollar anytime soon. But the Trump 2.0 era financial chaos is straining the peg as rarely before. That has Hong Kong policymakers and markets alike wondering if there is a better currency framework for the city. But the real intrigue in Chan's office lies in implementing Hong Kong's new stablecoin legislation. By expanding its cryptocurrency licensing regime and embracing an 'open model' system for digital assets, Chan's administration hopes to morph Hong Kong into a crypto hub. The plan is to encourage overseas institutions to issue such cryptocurrencies in Hong Kong. Not only might it boost competitiveness, but it also offers the city a first-mover advantage over the US and Singapore in global payments. Chan puts the global market value of stablecoins at about US$240 billion, with trading volume topping $20 trillion in 2024. As the Hong Kong Monetary Authority puts it, the bill will 'enhance Hong Kong's existing regulatory framework on virtual-asset activities, thereby fostering financial stability and encouraging financial innovation.' Hong Kong was early to the space. In 2023, regulators launched a virtual asset licensing regime. It requires crypto firms that officially operate in Hong Kong to obtain licenses and meet certain standards to ensure the protection of retail investors. 'Hong Kong's new stablecoin policy sets a global benchmark by mandating full reserve backing, strict redemption guarantees and HKMA oversight,' YeFeng Gong, risk and strategy director of HashKey OTC, tells CNBC. The idea is that once there are global payments systems on blockchain for companies and consumers, the impacts of sanctions, tariffs and other kinds of trade curbs will be mitigated. In theory, average citizens may be able to use HK dollar stablecoins to settle overseas purchases through apps like Alibaba Group's Alipay as early as next year, with the exchange rate difference dropping to zero. It's the nightmare moment many banks have been dreading. The US, too, presumably. In March, US Treasury Secretary Scott Bessent said the US would use stablecoins to ensure the US dollar hegemony in payments and protect its reserve-currency status. 'As President Trump has directed,' Bessent said, 'we are going to keep the US dollar the dominant reserve currency in the world, and we will use stablecoins to do that.' Of course, the US is having enough trouble with 'fiat' money. A 'lackluster' auction of US Treasury securities fueled worries about disappearing demand while the supply of new debt increases. This came amid Moody's Investors Service's downgrading of the US's AAA credit rating as national debt heads toward $37 trillion. Ray Dalio, founder of Bridgewater Associates, says Washington's fiscal trajectory is a bigger-than-acknowledged. Mark Haefele, chief investment officer at UBS Global Wealth Management, says that 'while the selling of US Treasuries in the immediate aftermath of the Moody's downgrade was relatively modest, Treasury yields have climbed steadily since the end of April as budget negotiations have come to the fore.' Could stablecoins help address the problem? In a May 2025 study, Sang Rae Kim, economist at Kyung Hee University, looked at how reserve-backed stablecoins affect the Treasury markets and credit intermediation. Kim found that large stablecoin 'issuance events induce statistically significant increases in Treasury prices.' Yet as Chan's team plans for the future, current economic dislocations are creating challenges. Not least of which is being caught between a brawling US and China. Even so, it's worth remembering that Hong Kong's currency peg is the ultimate 'widow maker' trade. For more than two decades, hedge fund managers, George Soros most famously, have tested the HKMA. The peg endured years later, even as speculative investors like Kyle Bass, founder of Hayman Capital Management, and Bill Ackman, chairman of hedge fund Pershing Square Capital Management, bet against it. Through assertive market intervention and fancy footwork, the HKMA has preserved the roughly 7.8 exchange rate established in 1983. For generations, Hong Kong's iron-clad link to the world's reserve currency served the economy well. Stability affords investment banks, exporters and entrepreneurs confidence to headquarter Asian operations in the city. It has long been touted as Hong Kong's secret weapon. The most famous such assault came in 1997 and 1998 from Soros, who 'broke' the British pound. After attacking the Malaysian ringgit and Thai baht, Soros targeted Hong Kong's peg and stocks. He lost. The HKMA overwhelmed Soros and his acolytes with a $15 billion show of force. In targeting Hong Kong in recent years, hedge fund players like Bass tested Chinese leader Xi Jinping's mettle. One big worry is control. Hence, economist Zhou Luohua of Renmin University of China calls the peg the economy's 'Achilles' heel.' 'If property and stock prices start to fall, the Hong Kong Monetary Authority can't provide sufficient liquidity like the Federal Reserve or other central banks as its money supply capacity is determined by the size of its US dollar reserves,' Zhou explains. 'If asset prices are plunging, it would trigger an exodus of funds at the same time, translating into a 'double hit' for the Hong Kong economy.' In April 2018, former HKMA head Joseph Yam argued it's time to scrap the peg so that Hong Kong can protect itself in times of turmoil. As China reduces capital controls, Yam worried 'small' Hong Kong risks getting swamped by 'huge' mainland money flows. There are some options, of course. The most obvious: soften the peg by establishing a Singapore-style basket of currencies. If the HKMA has greater flexibility, it could more easily vanquish the Soros's and Bass's of the world as well as property hoarders. Maintaining the status quo, Yam cautions, means even less affordable housing. It also makes Hong Kong more of an arbitrage vehicle between US and Chinese investors than a place that shares its fruits with middle-class households. Still, odds are that the peg is not going anywhere anytime soon. The protests in recent years challenging China's influence came as Trump's tariffs – both from 2017 to 2021 and now – throw Xi's economy off balance. China might decide that now isn't the time for experimentation with the dollar peg. Yet there is experimentation in the digital asset space that could render these 'old economy' concerns moot. And help Hong Kong get its financial groove back in short order. Follow William Pesek on X at @WilliamPesek
Yahoo
10 hours ago
- Business
- Yahoo
Pay by glasses: Alipay+ and Meizu launch world's first AR smart glasses with voice-activated eWallet
KUALA LUMPUR, June 20 — Alipay+ has launched the world's first smart glasses with an integrated eWallet payment solution. The world's first real-world smart glasses-embedded eWallet payment transaction was conducted in Hong Kong via AlipayHK, using the Meizu StarV Snap smart glasses. The development marks a major milestone for Alipay+ as it advances global mobile payment innovation. It also expands the use case scenarios for the AR glass industry while creating new growth avenues for eWallets and merchants. With the pair of Meizu StarV Snap glasses, a user can easily make an eWallet payment via QR scans or voice commands. The feature is made possible by a combination of Alipay+'s AI-powered intent recognition, voice interface, and voiceprint authentication features. According to Alipay+, the feature will be rolled out to its global partner eWallets in 2025 upon the integration of Alipay+'s upgraded tech suite for smart glasses. Smart glasses as a new payment device Alipay+ has been exploring smart glasses as a new payment method as it had previously debuted a smart glasses payment solution with Rokid in China. The latest integration is powered by Alipay+'s latest software development kit (SDK), embedded into all new Meizu smart glasses. The feature is supported by Meizu's optical waveguide display technology, voice noise cancellation and capture technology, and camera-based QR code scanning, which provides a hands-free experience. From the demo video, the glasses use eye tracking to detect the QR code and the user can state the payment amount by voice. It relies on voiceprint recognition to authenticate the payment. To recap, Alipay+ is a unified cross-border wallet gateway under Ant International. It currently connects over 1.7 billion user accounts from 36 global eWallets, national QR schemes, and banking apps to 100 million merchants across more than 70 core markets. With one integration, eWallet providers and financial institutions can access Alipay's expanding toolkits for customer engagement and business growth. This includes integration of QR based and card payments via a global NFC solution. Alipay+ also enables a full range of agentic AI features which include a MCP-based AI payments built on Alipay+ GenAI Cockpit, an AI-as-a-Service platform for fintech companies. Peng Guo, General Manager of the XR Division at Meizu, said, 'The offline payment function of smart glasses launched overseas by Meizu and Alipay+ has set a new technological benchmark for the industry.' 'The innovation in the payment scenario has enhanced the practicality and appeal of smart glasses and promoted the progress and development of the AR glasses industry. We hope this function will bring more convenient experiences to users,' he added. Meanwhile, Ant International Chief Innovation Officer, Jiangming Yang, said 'We are grateful to work with industry leaders like Meizu to pioneer smart glasses-embedded payment solutions. By unlocking payment capabilities, smart glasses will rapidly transform into the next-gen personal device like the mobile phone.' He continued, 'We look forward to supporting more industry partners with one integration into Alipay+'s premium wallet ecosystem across global markets, to help them build broader user scenarios and achieve growth' While Meizu is back in Malaysia as a smartphone brand, there are no pricing and availability details yet for the new smart glasses in Malaysia. At the moment, Alipay+ already supports cross-border payments for eWallets such as Touch 'n Go eWallet where travellers can make cashless payments abroad like a local. — SoyaCincau
Yahoo
10 hours ago
- Business
- Yahoo
Shanghai to launch all-in-one app for international travelers
SHANGHAI, June 19, 2025 /PRNewswire/ -- A news report from Shanghai is preparing to roll out Easy Go — a new digital platform designed to enhance the travel experience for international visitors. Powered by Alipay, this English-language platform offers dedicated sections for services, benefits, guides, travel tips, and more. Services Easily accessible from the homepage, this section includes 30 mini programs grouped into four categories: food, transport, sightseeing, and shopping. Whether it's placing a food delivery order, browsing dining recommendations, checking transit schedules, hailing a taxi, unlocking a shared bike, booking tickets, storing luggage or locating tax-refund counters, each tool is neatly grouped by function for intuitive access. And with the pioneering "Tap for Tax Refund" feature tied into Shanghai's citywide refund map, visitors enjoy an even smoother tax refund experience. Benefits In collaboration with local businesses, this section offers exclusive discount packages under the theme of "Shanghai Coupon Pack". Travelers can claim deals and coupons covering cultural experiences, tourist attractions, commercial venues, sports events and exhibitions. Guides Supported by the International Services Shanghai website, this section provides lifestyle updates, special recommendations and highlights of the latest happenings in the city. Travel tips This section features short videos produced by official media outlets and popular international influencers, spotlighting the best of Shanghai and China. Visitors can explore top-rated food spots, must-see attractions and shopping destinations through engaging, curated content. While English is the default language, Easy Go also supports real-time translation in several other languages, making it accessible to a broader range of international users. Easy Go is expected to play a key role in supporting the upcoming 2025 Shanghai Summer International Consumption Season, which will kick off in early July and run until mid-October. Related Story: Shanghai to launch Easy Go to enhance travel experience for intl visitors View original content to download multimedia: SOURCE
Malay Mail
10 hours ago
- Business
- Malay Mail
Pay by glasses: Alipay+ and Meizu launch world's first AR smart glasses with voice-activated eWallet
KUALA LUMPUR, June 20 — Alipay+ has launched the world's first smart glasses with an integrated eWallet payment solution. The world's first real-world smart glasses-embedded eWallet payment transaction was conducted in Hong Kong via AlipayHK, using the Meizu StarV Snap smart glasses. The development marks a major milestone for Alipay+ as it advances global mobile payment innovation. It also expands the use case scenarios for the AR glass industry while creating new growth avenues for eWallets and merchants. With the pair of Meizu StarV Snap glasses, a user can easily make an eWallet payment via QR scans or voice commands. The feature is made possible by a combination of Alipay+'s AI-powered intent recognition, voice interface, and voiceprint authentication features. According to Alipay+, the feature will be rolled out to its global partner eWallets in 2025 upon the integration of Alipay+'s upgraded tech suite for smart glasses. Smart glasses as a new payment device Alipay+ has been exploring smart glasses as a new payment method as it had previously debuted a smart glasses payment solution with Rokid in China. The latest integration is powered by Alipay+'s latest software development kit (SDK), embedded into all new Meizu smart glasses. The feature is supported by Meizu's optical waveguide display technology, voice noise cancellation and capture technology, and camera-based QR code scanning, which provides a hands-free experience. From the demo video, the glasses use eye tracking to detect the QR code and the user can state the payment amount by voice. It relies on voiceprint recognition to authenticate the payment. To recap, Alipay+ is a unified cross-border wallet gateway under Ant International. It currently connects over 1.7 billion user accounts from 36 global eWallets, national QR schemes, and banking apps to 100 million merchants across more than 70 core markets. With one integration, eWallet providers and financial institutions can access Alipay's expanding toolkits for customer engagement and business growth. This includes integration of QR based and card payments via a global NFC solution. Alipay+ also enables a full range of agentic AI features which include a MCP-based AI payments built on Alipay+ GenAI Cockpit, an AI-as-a-Service platform for fintech companies. Peng Guo, General Manager of the XR Division at Meizu, said, 'The offline payment function of smart glasses launched overseas by Meizu and Alipay+ has set a new technological benchmark for the industry.' 'The innovation in the payment scenario has enhanced the practicality and appeal of smart glasses and promoted the progress and development of the AR glasses industry. We hope this function will bring more convenient experiences to users,' he added. Meanwhile, Ant International Chief Innovation Officer, Jiangming Yang, said 'We are grateful to work with industry leaders like Meizu to pioneer smart glasses-embedded payment solutions. By unlocking payment capabilities, smart glasses will rapidly transform into the next-gen personal device like the mobile phone.' He continued, 'We look forward to supporting more industry partners with one integration into Alipay+'s premium wallet ecosystem across global markets, to help them build broader user scenarios and achieve growth' While Meizu is back in Malaysia as a smartphone brand, there are no pricing and availability details yet for the new smart glasses in Malaysia. At the moment, Alipay+ already supports cross-border payments for eWallets such as Touch 'n Go eWallet where travellers can make cashless payments abroad like a local. — SoyaCincau
