Apple Pay is targeting China as its largest market. The mobile payment system was released Thursday and was hoping to convince retailers to use the system since there are hundred million users of Apple. A lot of banks will support Apple Pay including the Industrial and Commercial Bank of China.
China's biggest lender by assets, Industrial and Commercial Bank of China, said on Wednesday it had signed an infrastructure pact worth $2 billion with the oil-rich west African nation of Equatorial Guinea.
British insurer Standard Life (SL.L) and Industrial and Commercial Bank of China (ICBC) (601398.SS) said on Wednesday they had agreed to look at developing savings and investment services together.