Mar. 19 – Ebay subsidiary PayPal launched its new mobile device for retail payments, PayPal Here, at an event in San Francisco last week. The new service includes a triangular “dongle” card reader, which plugs into a smartphone’s audio jack, and an app that controls the transaction.
PayPal Here targets small to medium sized businesses and is currently available to several thousand vendors in the United States, Hong Kong, Canada and Australia, with plans to introduce the service to other countries in the coming weeks and months. Continue reading
Sept. 20 – The world’s largest bank by profit, balance sheet and market value, the Industrial & Commercial Bank of China (ICBC), opened its first branch in the country in Mumbai on Thursday.
“The opening of ICBC’s maiden branch here not only shows the bank’s confidence in the prospects of India’s economic development and the friendly relationships between the two countries, but also our commitment to building a commercial bridge between the two countries,” ICBC Vice-chairman, President and Executive Director Yang Kaisheng told the media in India while formally launching the branch. Continue reading
By Vivian Ni
Jul. 11 – The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates. Aiming to bring various microfinance institutions (MFIs) under the regulation of the Reserve Bank of India (RBI), the proposed law is expected to strongly impact smaller players who look for large profit through their lending businesses.
According to reports, the draft bill proposed that all entities involved in micro-finance activity should obtain a registration certificate from the country’s central bank: the RBI. Non-bank micro-lending companies that have provided a minimum of Rs.500,000 in net owned funds can get registered within three months when the law takes effect. Continue reading
By Jennifer Park
May 26 – India’s second largest global technology company Infosys is building a new campus in Shanghai. Expanding over 15 acres at the Zizhu Science and Technology Park, the campus is expected to become its largest software development center outside India.
Set to be constructed over the next three years, the new Shanghai campus will be of the highest quality equipped with software development, labs, data centers, training facilities as well as recreational facilities. Infosys plans to invest US$125 million to US$150 million, among the largest investments made by a software company in China. It will also be one of the first global enterprises to establish a delivery center in Shanghai. Continue reading
By Jennifer Park
May 23 – Starbucks, the world’s largest coffee chain, plans to expand into eight to ten new cities each year in China – securing a total of 1,500 stores in 90 cities by 2015. That is nearly three times their current figure of approximately 450 stores across 35 cities in the country.
Since entering the Chinese market in 1999, Starbucks has tried numerous tactics to secure its place in the market. They have added Chinese twists to its products – selling beverages like Green Tea Black Sesame Frappuccinos, snacks like moon cakes during Autumn Festival seasons, and have recently introduced their instant coffee brand VIA in the country to serve the growing number of instant coffee lovers. Continue reading