Money Briefs: Digital wallet nod for Ant Financial, Tencent

Digital wallet nod for Ant Financial, Tencent

HONG KONG • Ant Financial and Tencent Holdings have won approval to operate digital wallets for customers in Hong Kong.

The licence helps the companies bounce back after China last month banned people who did not own a mainland bank card from storing money in Ant Financial's Alipay or Tencent's WeChat Pay accounts, depriving them of a large potential customer base of overseas Chinese.

BLOOMBERG


German, UK bourses submit merger plan

LONDON • Deutsche Boerse and the London Stock Exchange Group have submitted their US$29 billion (S$39 billion) merger deal to European Union competition regulators.

The deal, which will create the world's biggest exchange by revenue, is likely to face tough scrutiny because of the companies' huge combined presence in derivatives clearing.

REUTERS

A version of this article appeared in the print edition of The Straits Times on August 26, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe