Today In Payments Around The World: China Lengthens Deferrals For Small And Micro-Businesses; Ant Group Scales Back Credit Limits Of Some Virtual Card Users

In today’s top payments news around the world, China’s State Council reportedly said that small and micro-sized firms can defer loan payments past Q1 2021 as needed, while China’s Ant Group is curbing the borrowing limits for some young users of Huabei. Plus, U.K-based Liberis has raised £70 million (about $93.5 million) in financing.

China Extends Economic Stimulus Measures For Small And Micro-Businesses

China’s State Council reportedly said late Tuesday (Dec. 22) that small and micro-sized companies can defer loan payments beyond Q1 of next year as needed. In addition, some financial institutions catering to small companies will keep getting government support following a large shutdown earlier in 2020 because of the coronavirus.

Ant Group Curbs Credit Limits Of Some Users Of Virtual Credit Cards

Ant Group of China is scaling back the borrowing limits for some of Huabei’s young customers. That arm of the FinTech company provides a virtual credit card. Ant Group is most renown for its popular payment and loans program Alipay. Ant has two credit subsidiaries that include Huabei and Jiebei, which is a short-term consumer loan provider.

UK-Based Liberis Lands $93 Million For SME Financing

U.K-based Liberis has landed £70 million (roughly $93.5 million) in financing from British Business Investments, Paragon Bank and BCI Europe, along with financing and venture debt via Silicon Valley Bank (SVB). Liberis has provided over £500 million ($668 million) in financing to 16,000 small and medium-sized enterprises (SMEs) in the U.K., the U.S. and Europe.

Contour Completes Blockchain Transaction Between Two Cos

Contour, the decentralized digital trade finance network, has concluded an experimental blockchain transaction between Century Synthetic Fiber Corporation and Tainan Spinning. “The recent transaction has shown how our network can deliver for banks of varying sizes and across different industries,” Contour CEO Carl Wegner said in a release, which also states that the transaction highlights business growth in Taiwan as well as Vietnam.