Here’s all you need to know today.
1. China launches unmanned mission to Mars
Not to be outdone. Just days following UAE’s successful Mars mission, a take-off from Japan, China has since trailed closely behind and successfully launched an independent mission yesterday in a big for global technology leadership.
On Thursday, China’s largest carrier rocket, the Long March 5 Y-4, blasted off with the probe from Wenchang Space Launch Centre on the southern island province of Hainan. The mission is expected to reach Mars in February, where the spaceship will explore surroundings for 90 days.
China’s probe will carry several scientific instruments to observe the planet’s atmosphere whilst searching for signs of water and ice.
if successful, it will make China the first country to orbit, land and deploy a rover in its inaugural mission.
The United States is expected to be close behind, with plans to send a probe in coming months.
2. Whatsapp to pilot projects, deliver credit and insurance & pension to Indian users
WhatsApp plans to offer credit, insurance and pension products to lower-income individuals and those in rural areas in India. This is a part of Whatsapp owner, Facebook’s wider company mission to digitize underdeveloped areas, as it aims to push towards servicing small and medium sized businesses.
Whatsapp has been working with banks, including ICICI, Kotak Mahindra and HDFC in India for the past year to explore ways to bring financial services to the unbanked.
The app is now planning to work with additional partners to bring insurance, micro-pension and credit to lower-wage workers within the next year or so.
Whatsapp’s reach is impressive, the partner banks have already captured 3 million users within one year of the partnership inception.
With a reach of over 400 million users in India, WhatsApp is uniquely positioned to bring more people into the financial ecosystem.
Facebook made clear its plan to enter India’s digital payments market in 2018 when it launched WhatsApp Pay to a small number of users in the country. However, it has since been stuck in regulatory limbo, preventing it from fully launching to users. Facebook said it has compiled with the requirements made by New Delhi’s central bank since then, signalling that a launch could happen any day now.
Facebook has been bullish on India this year, after it kickstarted interest in Jio Platforms with a US$5.7 billion investment, with clear integration over Whatsapp and Microfinance.
Credit Suisse estimates that India’s mobile payments market could reach US$1 trillion by 2023. Google Pay and Walmart’s PhonePe currently dominate the market, but a good slice of this potential could be more than enough.
3. Beijing & US go to head over Consulate ban
it’s almost certain China will retaliate” against the U.S. move, which is a “the beginning of a dramatic escalation in tension”, said Robert Daly, director of the Wilson Center’s Kissinger Institute on China and the United States.
This comes directly after the US State Department ordered Beijing to close a consulate in Houston, claiming it did so to protect American Intellectual Property. Washington also accuses Chinese diplomatic missions of economic espionage and visa fraud.
How the rhetoric and narrative surrounding U.S.-China relations evolve will depend on who the American President will be a year from now, according to Daly.
All eyes are on Beijing now to see how it would retaliate, perhaps by also closing a consulate or two on its own soil.
The Trump administration has in recent weeks intensified pressure on Beijing, using visa bans, sanctions and indictments as part of a full-scale rivalry over trade, technology and global influence.
“China urges the U.S. to immediately rescind its erroneous decision, otherwise China will undertake legitimate and necessary responses,” Chinese Foreign Ministry spokesman Wang Wenbin said at a briefing.
What we know now is following US’s order to close down the consulate, it’s safe to assume that a response is coming from China, marking this event one of its fastest growing tensions yet. This could also have repercussions that spans beyond political relations.
The US actually has more missions and personnels in China than China has in the US. In addition to its embassy in Beijing, the US operates five consulates on the Chinese mainland and a consulate in Hong Kong that serves the city and the territory of Macau.
4. TikTok launches US$200 million “Creator Fund”
Amid potential regulation scrutiny, possible ban and general backlash against Chinese tech in the US, TikTok announced the creation of a US$200 million “Creator Fund”, aimed at helping top creators in the U.S. supplement their earnings.
The funds will be aimed at helping “eligible” creators on the platform earn a living. Eligible for now is defined as 18 years or older, meeting a certain baseline for followers, and consistently posting original content that is in line with TikTok’s community guidelines.
As it faces growing scrutiny in the US, TikTok is taking proactive steps to become more friendly and US centric. This new fund is definitely an example at how the social media platform is trying to stay relevant in a market where it faces potential closure. The fund is definitely a supporting initiative to TikTok’s launch of “TikTok Business”, an advertising solution for brands.
TikTok currently employs about 1,400 people in the US.