Fintech & Blockchain in China/Asia

Amazon decides to close its eCommerce business in China after years of efforts. The company has been struggling to capture a meaningful market share in China amidst fierce competition from local companies such as Alibaba and JD. Among all the challenges, Amazon is not able to offer the same services its Chinese competitors do, including same day delivery and mobile payment.

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The third largest Japanese bank Sumitomo Mitsui Banking Corporation (SMBC) has completed the proof-of-concept using the Marco Polo blockchain trade finance platform, which supports receivables discounting, factoring and payment commitments. SMBC is the only Japanese bank in the consortium. The other three consortia include Voltron,, Batavia.

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Softbank invests $1 billion in the German digital payment company Wirecard on the condition that Softbank helps Wirecard expand to Japan and South Korea. Lately, Software led a round of $440 mm in OakNorth Holdings Ltd., a U.K. Fintech and financial services company.

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