China: WeiyangX Fintech Review

China is Reported to Shut Down Illegal Cash Loan Platforms

Bloomberg, citing sources close to the situation, reported that regulators in China has started to consider strengthening supervisions towards cash loan platforms, with high probability of shutting down illegal ones. This round of inspections will focus on the following areas, including whether the platform is involved in usury, illegal saving business, violent debt collection, cooperation with financial institutions in violation with related regulation, and more. Apart from that, the regulators are also drafting rules in relationship with micro-loans. For example, setting up an upper limit on micro-loan lending rates. All the potential actions are rumored to be triggered by the series of events related to Qudian’s IPO. However, either the CBRC or Qudian has yet to comment on this news. (Source: WDZJ)

WeChat Launches its Own Online Insurance Platform WeSure

On November 2nd, WeChat officially launched its own online insurance platform WeSure. As the first insurance platform owned by WeChat, WeSure will, in collaboration with China’s leading insurance agencies, offer insurance services (e.g. purchase, check and settlement of claims) directly through WeChat and QQ. Simultaneously, WeSure rolled out is first product Weiyibao. Consumers may buy this health insurance product with less than ¥1,000 yuan and be rewarded with ¥6-million in  coverage. Additionally, consumers of this product will also be provided a priority pass in 36 state-owned hospitals in China. Compared with the traditional online comparison marketplace, WeSure is dedicated to focusing on quality services, providing only 2 to 3 products within each insurance sub-categories, in order to better satisfy consumers’ need, simplify purchase process, expand coverage and improve the efficiency of settlement. (Source: Tencent)

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P2P loans in China drop for second straight month

According to a report released on Wednesday by (WDZJ), P2P loans were 7.12% less in October than they were in September, contracting for the second consecutive month. Average yield on the entire online lending industry in China was 9.5% in October, down 3 basis points from the previous year, according to the report. While the 8-day national holiday and Middle Autumn Festival at the beginning of October might have tempered demand, tighter supervision of online financing is another major factor that cooled P2P lending activities in China. But still, outstanding online P2P loans almost doubled as of the end of October from a year ago, at 5.78 trillion yuan, the report said. (Source: Caixin Global)

[clickToTweet tweet=”P2P loans in China drop for second straight month #P2PLending” quote=”P2P loans in China drop for second straight month #P2PLending”]

Ping An and Tsinghua University Jointly Set up a World-leading Fintech and Healthcare think tank

On October 31st, Ping An Insurance Group announced its intent to set up a world-leading think tank, the Institute of Global Development, with Tsinghua University. The institute, according to reports, is composed of two centers which focus on global finance & economy and global healthcare. Both the founders hope that the institute could take full utilization of the research background of Tsinghua and the application expertise of Ping An in Fintech, healthcare technology and smart city to build itself a world-leading think tank. Ping An will also collaborate with Tsinghua in insurance product research targeting the low-income population. Based on this research, Ping An is expecting to facilitate and make its contribution to the establishment of a national-wide and multi-layer social security system. (Source: Sina)

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Alibaba’s Cloud Service Platform is Heading for the Malaysian Market

Earlier this week, Aliyun, the cloud service platform of Alibaba announced it would expand into the Malaysian market and is planning to make it the base for the whole Southeast Asian market. Aliyun Malaysia is said to offer both internet infrastructure services like cloud computing and storage and digitalization consultancy services for local enterprises. At present, Aliyun has already reached collaborations with local digital technology firms FusioneX, telecom firm TIME and MDEC. In the future, Aliyun is planning to attach its cloud technology to internet infrastructure and IT talent education in Malaysia, helping to promote the development of local travel, logistics, transportation and finance. (Source:

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.

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