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"Given EMVCo's wide global presence and great influence, there is no doubt that the alliance will increase Alipay's credibility in the world and help the company to go global," said Li Chao, senior analyst of consultancy iResearch.

"Given that, China is willing to work with all parties to boost confidence in world economy and multilateral cooperation and also hopes that Japan, as the chair country of the summit, to play its due role in this front, specifically in promoting multilateralism, safeguarding the multilateral trading system with the World Trade Organization as its core and in building an open world economy," Kong added.

"Fintech and education companies accounted for most of China's IPOs in the US, reflecting the latest development trend of China's new economy," said King Li, EY assurance partner.

"Four victims have been recovered thus far as deceased. They have been transported to our coroner's bureau. We can only identify them at this point as two adult males and two adult females," Santa Barbara County's Sheriff-Coroner Bill Brown said during a news conference Monday.

"Financial institutions should increase investments in technologies and improve their research and development capabilities. Small financial institutions may strengthen cooperation with credible fintech companies under the premise that both parties' rights and responsibilities are specified," Ye said.