Mastercard launches new service for faster, more reliable global trade payment

China

Mastercard launches new service for faster, more reliable global trade payment

2024-10-25 19:26 Last Updated At：22:27

Global payments technology company Mastercard has announced a new service for faster and more reliable cross-border trade payments at the Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.

The Sibos 2024 was held from Monday to Thursday, and it is the first time the Chinese capital has hosted this annual event.

Over 10,000 participants from more than 150 countries and regions gathered in Beijing for the Sibos 2024, which covered a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

In a recent interview with the China Global Television Network (CGTN), Alan Marquard, the executive vice president and the head of Transfer Solutions at Mastercard, said the new payment service launched at the Sibos 2024 enables faster and near real-time money transactions between banks and their clients, which helps to solve many cross-border trade pain points.

"Payments get made, but how well do they get made is the real problem. The first thing that we wanted to clean up was that a lot of payments 'break,' as we say. So it gets sent, but the receiver doesn't recognize it. There's not enough data that comes with it. Their details that are wrong. So, we've come up with a mechanism to make sure that payments are accepted at both ends, and that the moment that happens, the payment can happen. So the second thing that's really cool about this is near instant receipt of a payment. With this mechanism, the moment we've checked the money is there ready to be sent, and the person getting the money is happy to receive it, we send an instruction, the money is locked. It's credited on the other side, and that transaction is done for whoever is getting the money more or less straight away. And because we run all the time, that's available 24/7 365," said Marquard.

Marquard also highlighted the potential demand for Chinese banks to adopt this service for better international trade payment operations.

"We announced it only on Monday and the interest from banks globally has been immediate. Like I said at the beginning, trade happens everywhere and China is a massive trading partner. There are huge trade payments, and there's absolutely no reason why we wouldn't do that for Chinese banks. So the savings and everything that I described that this does for banks making trade payments completely applies to banks in China. I have no doubt from what we've seen this week that there will be plenty of interest and plenty of opportunity for Chinese banks," he said.

Relief workers strive to improve living conditions for quake-hit residents in Xizang

2025-01-14 02:47 Last Updated At：03:27

Relief efforts are continuing in the disaster-hit Dingri County of southwest China's Xizang Autonomous Region, as workers and soldiers go all out to improve the living conditions of local residents who are being housed at temporary resettlement sites set up in the wake of last week's deadly earthquake.

The 6.8-magnitude quake struck last Tuesday morning, claiming the lives of 126 people and injuring 188 others, while destroying some 3,600 houses and forcing some 47,500 residents to be relocated across the affected areas.

The emergency response work initially saw a series of tents being set up in the disaster zones to provide shelter in the immediate aftermath of the quake, but in the days since, prefabricated housing has been erected to better protect displaced residents from the cold weather and low temperatures in these high-altitude areas.

By Sunday evening, a total of nearly 2,200 of these temporary housing units had been finished.

In the Quluo Township, one of the worst-hit places, local villagers have gradually moved into these portable houses which are equipped with electricity and heaters. Over the coming days, these temporary homes will also be provided with a water supply and internet access.

Locals say they feel relatively warm inside these housing units in spite of the freezing temperatures outside and are happy to be able to cook hot meals.

"These days have been quite cold. However, we've received stoves, rice, flours, meat, yak butter and Tsampa [a traditional Tibetan flour dish]. So, we needn't worry," said Awang Tsongchu, a local villager.

Meanwhile, a major clear-up operation is also ongoing, with China's Ministry of Emergency Management organizing over 2,300 people in more than 100 teams from central and state-owned enterprises, as well as other social forces, to cover the disaster zones, while more than 1,000 heavy machines have also been deployed.

Over 1,200 soldiers from the Xizang Military District of the Chinese People's Liberation Army (PLA) have been dispatched to the quake-hit sites, clearing more than 1,500 square meters of debris and rubble and carrying out disinfection work on an area spanning over 29,000 square meters across the disaster zones.

Efforts are also being made to restore daily life in these devastated areas, and in the Cuoguo Township, a special tent school was opened on Monday, providing classes to children.

"We are working to improve infrastructure and living conditions to help the people affected by the earthquake regain confidence and get their lives back on track as soon as possible," said Mo Xiaoqiang, a soldier from the PLA's Xizang Military District.