Tagged: china

China: WeiyangX Fintech Review

The Peoples Bank of China Issues the “Administrative Measures for Credit Investigation (Draft for Comment)” On January 11th, the People’s Bank of China (PBC) issued the “Administrative Measures for Credit Investigation (Draft for Comment)” (hereinafter referred to as “Measures”). The seven-chapters of the document covered… Read More

Digital Financial Services from Chinese Banks are Generally Better than other APAC Countries, and Some European, North American Providers: Report

A recently published whitepaper from Massachusetts-based International Data Corporation (IDC) and Huawei examines how banking institutions across the globe have been dealing with the COVID-19 outbreak. The paper identifies or recommends the way forward in a post COVID world which is now considered the “new… Read More

China: WeiyangX Fintech Review

Shanghai Reveals 2nd Batch of Projects for its Fintech Sandbox On December 31st 2020, the Shanghai Fintech Innovation Supervision Pilot Working Group revealed the second batch of projects for its fintech sandbox. The 5 innovative projects focused on cutting-edge technologies such as big data, multi-party… Read More

People’s Bank of China to Introduce Policies to Support Small Businesses, while Prohibiting Financial Service Providers from Offering Risky Products

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

President Trump Signs Executive Order to Ban US Transactions with Chinese Fintech Apps like Alipay, Tencent’s Digital Wallets

US President Donald Trump has signed an order that aims to place a ban on US transactions with eight major Chinese apps – which reportedly includes Ant Group’s Alipay and Tencent Holdings’ online wallets. Notably, this order has arrived just days before the Trump administration… Read More

China’s Banking and Insurance Regulatory Commission Orders All Local Firms to Investigate their Fintech Businesses

China’s banking and insurance regulator stated on December 31, 2020 (Thursday) that all Internet-based platforms in the country should investigate their Fintech-related businesses to ensure that they’re following regulatory guidelines and must also address any shortcomings. China‘s financial regulators have held discussions with Alibaba’s (NYSE:BABA)… Read More

The Top Ten Fintech Predictions for 2021

Fintech enthusiasts welcome back to my 5th annual “Top Ten” Fintech prediction series. This year I’ve met a lot of powerful movers and shakers in the Fintech space. My take away from these meetings and interactions is how little do I know about this ever-expanding… Read More

Blockchain Platform VeChain to Focus on Digital Industry Opportunities like DLT Traceability, Supply Chain Visualization

VeChain, a major blockchain platform focused on developing supply chain management solutions among other use cases, has released its latest financial executive report in order to promote “fairness, transparency, and openness.” As mentioned in the report, published on December 29, 2020: “During this quarter, the… Read More

Firms Secured More Capital via Stock Market Listings in 2020 than Any Other Year, Except 2007: Report

Firms secured more capital via stock market listings in 2020 than in any other year, except for 2007, as a recovery in equities valuations managed to attract various firms and blank-cheque acquisition vehicles were increasingly used to carry out listings in US markets. The hot… Read More

Chinese Fintech Qudian to Explore Childhood Education Business After China Cracked Down on Micro Lending Sector

Qudian Inc. (NYSE: QD), an established technology platform that aims to improve the online consumer finance experience for Chinese consumers, recently released its unaudited financial results for the quarter ending on September 30, 2020. Qudian’s management noted that the total number of registered users “as… Read More

Youqian, Part of NetEase, to Shutdown Personal Finance App – Report

NetEase (NASDAQ: NTES), a large Chinese tech firm that has a significant presence in gaming, has decided to close down its personal finance app Youqian, according to a report. NetEase attempted to enter various Fintech verticals during the boom days of peer to peer lending alongside many… Read More

Chinese Regulators Order Billionaire Jack Ma’s Fintech Ant Group to Return to its Payments Services Business, Place New Restrictions

Chinese regulatory authorities have ordered billionaire Jack Ma’s Fintech firm Ant Group Co. to return to offering payments services, instead of attempting to expand its operations into consumer loans or wealth management. China’s reserve bank officials recently held discussions with Ant Group’s management and instructed… Read More

China’s Reserve Bank Issues License to Pudao Credit for Collecting Personal Credit Ratings

China’s reserve bank has issued the nation’s second license for collecting personal credit ratings to an initiative between a state-managed enterprise and two Internet companies. The move suggests that the Chinese government may want to get involved in deciding how technology interacts with finance (while… Read More

China: WeiyangX Fintech Review

WeBank Reduces Upper Limit of Microloan to ¥200,000 WeBank, the Tencent-backed digital bank, announced that it would reduce the upper limit of its microloan product (Weilidai) from ¥300,000 to ¥200,000 from December 26th. According to WeBank, the reduction was a response to the “Commercial Bank… Read More

Chinese Banking and Insurance Regulator Releases New Guidelines for the Sales of Wealth Management Solutions by Local Banks’ Subsidiaries

China’s banking and insurance regulator released draft guidelines on Friday (December 25, 2020) regarding the sales of wealth management products by local commercial banks’ wealth management divisions. Chinese authorities will reportedly allow these wealth management subsidiaries to serve as sales agents for such products for… Read More

Alibaba Under Investigation. Will Ant Group Ever IPO?

Chinese regulators are said to be investigating whether Alibaba (NYSE:BABA) has been engaging in non-competitive practices. Simultaneously, Ant Group – a top Fintech, is receiving additional scrutiny. Ant Group is the parent company of Alipay, China’s largest mobile payment platform. Additionally, it has been widely… Read More

Fintech has Become a Growth Catalyst for Ping An’s Tech Division OneConnect, According to Company CEO Ye Wangchun

Fintech has transitioned from the innovation and early development stages of OneConnect’s financial services offering to becoming its catalyst of business growth, according to Ye Wangchun, Chairperson and CEO of OneConnect Financial Technology Co., Ltd. (NYSE: OCFT). Ye‘s recent comments came during the fourth annual… Read More

Digital Transformation: Chinese Consumers are Increasingly Using Smartphones to Make Payments as Thousands of Bank Branches have Shut Down

The long lines in front of ATM machines have now become a rare sight as Chinese consumers are increasingly using their smartphones to complete transactions, instead of making cash payments, according to a report from China Daily. Many people claim they can’t even recall when… Read More

China Might Further Tighten Control Over Large Fintech Firms by Limiting their Banking Partners, According to Former Finance Minister

Chinese authorities may consider further tightening control over large Fintech companies by restricting or limiting the number of banking institutions they can work with, according to the Securities Times which cited recent statements from a former Chinese finance minister. As first reported by Bloomberg, bad… Read More

China: WeiyangX Fintech Review

China Banking and Insurance Regulatory Commission Issues Regulations Towards Internet Insurance On December 14th, the China Banking and Insurance Regulatory Commission (CBIRC) issued the “Internet Insurance Business Regulatory Measures.” Key contents of the Measures include: clarifying the nature of Internet insurance business and applicable regulations… Read More

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