Apple Pay has confirmed that its alliance with China UnionPay will allow the payment company's cardholders to use Apple Pay from this week, the BBC reports. As many as 20 Chinese financial institutions are expected to support the new service. Sixty-eight per cent of Chinese adults own a smartphone. China's Bank of Liuzhou has discovered that it has US$4.9 billion of fraudulent loans on its books, CNBC reports. The fraudulent loans account for 40 per cent of the bank's assets - a hole so big it will probably require government intervention. Fraudulent loans are on the rise in China as economic growth slows and a number of banks have been hit.