Product Innovation and the Underlying FoundationĪlibaba's four-year-old "Yu'e Bao" fund, a money market fund set up as a repository for leftover cash from online spending has emerged as the world's biggest, with $165.6bn under management. While we understand the reader would naturally be curious about the technology innovation enabling these scenes, we would decipher them in the next article along with digital transformation experience of few banking veterans at China to cope with this form of digital sophistication. China's digital economy is recognized by many as a leading global force, and this article intends to provide a glimpse into the innovation happenings at China, particularly in the financial services sector. The most exciting region in the world, digitally speaking, is Asia, with China and Malaysia as exemplars. It is noteworthy to note that the world's 3 most significant economies, US, Germany and Japan, are all possibly losing their momentum, and are advised to look to the higher-momentum countries for ideas in getting them back into a zone of greater competitiveness. In fact, World Economic Forum has commissioned this research called Digital Evolution Index, so that we can learn from these economies their innovation recipes. There is naturally the question - which are the world's most digitally advanced countries. The ability for frictionless payments is essential for the revenue to flow along. While there are many free internet services, the business world would require a revenue model for more investments to funnel through and grow these digital services. Mobile payment provides a second necessary factor for a truly digital lifestyle to flourish. We may be using 5 apps or 9 apps depending on the consumer research you trust, but this is not linked to the extent and quality of a truly digital lifestyle many of us would like. This only enables the consumption of more digital services at the consumer side though. None of us would understate the impact of smartphones, although they are only introduced for a little over than 10 years and made popular by Steve Jobs. It is no exaggeration that it is a bigger problem that you run out of battery than cash, and thus the pop-ups of all the battery bank services on the street. Whether you have traveled to and lived in China or not, you probably would have heard of stories about how Chinese citizens live their lives on their smartphones. Only 'company' is supported at the current time.By Albert Lau, Financial Services Innovation Principal, Alibaba Cloud See our list of available payment purpose codes here.Ī payment purpose code is only required for CNY payments into China, it is not required for any other destination country. The ABA is required for all payments to the USA.Īnything over 140 characters will be truncated.įree text for a payment reason of your choice. Some ABA values are only valid for FedACH payments. The ABA should be valid for FedWIRE payments. CNY payments to any other jurisdiction do not require the CNAPS code.Īmerican banks are identified by a 9 digit ABA number, also known as ‘Routing Number’. CNAPS is only required when sending CNY payments to China. The CNAPS code is the domestic bank routing number used in China (equivalent to a UK sort code or US ABA number). When sending to the USA, ABA must be used. Valid ISO 9362 SWIFT BIC code 8 or 11 alphanumeric charactersīIC SWIFT must be used when sending payments to any country except the USA. CLABE is the banking standard for the numbering of bank accounts in Mexico (equivalent to the Account Number in other jurisdictions). IBAN must be used when sending to all IBAN countries.ĬLABE must be used instead of account number or IBAN when sending payments in any currency to Mexico. When sending payments to non-IBAN countries, account number must be used. When sending to non-IBAN countries, account number must be used. IBAN must be used when sending payments to all IBAN countries. Only required when sending payments to Canada, Mexico and the USA.ġ5-34 alphanumeric characters spaces permitted Please note: CNY payments to individuals in China are not permitted.ĭue to restrictions imposed by our partner bank, the beneficiaries of CNY payments in mainland China must be companies incorporated in mainland China.ĬNY payments to all other countries can be made to beneficiaries who are either individuals or companies. Required Details SWIFT (Priority) Payments Field
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