China’s PICC gets approval to set up online payment firm

A unit of People’s Insurance Company of China Co (PICC), one of China’s biggest insurers, has received regulatory approval to set up a third-party payment firm, challenging banks for control of the crucial market. The China Insurance Regulatory Commission said on Monday it granted PICC Life Insurance Co permission to invest 200 million yuan ($32.3 million) to establish a wholly-owned subsidiary, Beijing Baofutong Ltd, according to an online notice posted by the insurance regulator. The PICC unit still requires to get approval from the central bank and comply with legal procedures to set up a third-party payment service, the notice said.

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DigitalGlobe unveils new tools for troops, others to use imagery

By Andrea Shalal COLORADO SPRINGS, Colo. (Reuters) – DigitalGlobe Inc this week unveiled new Web-based tools that could help military troops, relief workers and others use its high-resolution satellite images, social media feeds and other data without needing massive bandwidth. The tools, which are in beta-testing now, give users access to complex data processing done in the cloud, including rapid analysis about everything from helicopter and paratrooper landing sites to social media usage in a specific area

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Europol Director: hackers target banks, not customers

By Toby Sterling THE HAGUE (Reuters) – Banks, rather than their customers, are increasingly the main target of online thieves, Europol director Rob Wainwright said on Friday in an interview. “That has been an important change,” Wainwright told Reuters after a conference on cyber security in The Hague.

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