Chinese Authorities Halt Virtual Credit Card Payments; Tencent, Yahoo Crashing

March 18, 2014 Leave a comment

Chinese Authorities Halt Virtual Credit Card Payments; Tencent, Yahoo Crashing

Tyler Durden on 03/13/2014 23:11 -0400

The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and “face-to-face” payment services such as QR code payment:

*PBOC HALTS QR CODE PAYMENT: 21ST HERALD

*PBOC HALTS VIRTUAL CREDIT CARDS BY ALIPAY, TENCENT: 21ST HERALD

Tencent is down over 5%, China CITIC is crushed, and Yahoo was dumped in morning trading in Japan (on the back of Alibaba’s Alipay service being affected).

21st Century Business Herald reports:

March 13, the central bank issued an urgent document halt Alipay, Tencent’s virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

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21st Century Network 21 has learned that on March 13, the central bank issued an urgent document halt Alipay, Tencent’s virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

 

Tencent is tumbling (and it appears perhaps a few people knew earlier in the week)…

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China CITIC is down hard…

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and Yahoo (trading in Japan) was flushed on massive volume at the open…

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Filed under Macro Trends

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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