China Mobile is close to buying a stake in Shanghai Pudong Development Bank in a deal that could spur adoption of the carrier’s mobile payment system across the mainland, according to South China Morning Post.

VeriFone Holdings, Inc. has announced that it is co-lead investor in a reverse merger financing for Trunkbow International Holdings Ltd., a Jinan, People’s Republic of China-based mobile payments and value-added service applications company.

Tieto has provided consulting services for China Mobile’s online application store called Mobile Market.

The ICBC Mobile Payment American Express® Card, China’s first dual-currency credit card with mobile account payment capabilities and features, was officially launched on Nov. 11 by the Industrial and Commercial Bank of China (ICBC), Union Mobile Pay (UMPay) and American Express.

Citibank China is offering a new mobile banking service in partnership with Mobile Money Ventures, LLC (MMV), a leading global solutions provider of the next generation of mobile financial services.

China’s mobile phone maker Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd. has joined the Near Field Communication (NFC) Forum as an Implementer Member.

Watchdata reports that a new mobile payment service based on Watchdata’s SIMpass technology has been launched in Chongqing City by China Unicom and Chongqing Yucheng Transportation Card.

Motorola has announced that its mobile commerce solution M-Wallet has been launched in China market. The solution is deployed by Union Mobile Pay(UMPay), a joint venture between China Mobile Communications Corporation (CMCC) and China UnionPay.

Citibank plans to introduce Citibank Mobile Financial Services to Hong Kong in Q3 2008. The bank’s online customers accessing the Internet using their mobile handsets will be able to enjoy a range of banking services anytime, anywhere. This service will also be available on the latest iPhone 3G.

Watchdata’s SIMpass™ technology has been selected by True Corporation to enable its new Touch SIM innovation on TrueMove mobile phone service. TrueMove is the mobile phone service arm of True Corporation with more than 12.5 million subscribers making it the third largest mobile operator in Thailand.