Chinese Banks May Stop Cooperation with Third-Party Data Provider Following Release of a New Privacy Regulation
According to reports, People’s Bank of China (PBC) has issued the “Personal Financial Information (Data) Protection Measures (Draft)” to some Chinese banks this week. It is believed that the collection of personal financial information may face more prohibitions following the release of the document. For example:
- Article 12: financial institutions should not collect personal financial information from third-parties which are not authorized to conduct personal data business;
- Article 18: financial institutions should not use “general authorization” to obtain the consent of information owners of collection, processing, utilization and external supply of their personal financial information.
The final version of the law has not been released, yet some Chinese banks have stopped cooperation with certain third-party data providers. (Source: Sina)
Alipay Bans All Cryptocurrency-related Transactions
On October 10th, Alipay made a public announcement about its attitude towards cryptocurrency on its security center’s Weibo account. According to Weibo, Alipay reiterated that it would immediately stop relevant payment services if any transactions are identified as being related to cryptocurrency transactions. (Source: Alipay)
The Ministry of Public Security Ses Up Fraud Alerting Platform
The emerging of digital finance makes great contribution to China’s financial inclusion, but also gives rise to more online and telecommunication frauds due to the lack of risk-control. In order to address this problem, on October 11th, China’s Ministry of Public Security jointly established an online fraud alerting platform with a few internet technology companies, banks and telecommunication operators. Alibaba, 360 Finance, JD.com, Xiaomi Finance, Duxiaoman Finance were among the first batch of technology companies to join the platform. (Source: 36Kr)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth Fintech cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.