China is Setting Up a National Online Contract Filing Platform
On March 21st, the National Committee of experts on Internet Financial Security Technology (hereinafter referred to as the “Special Committee”) announced that it has jointly set up the national online contract filing platform with SIC FORENSIC EXPERTISE. In the future, users can apply for forensic services directly through this platform.
According to the Special Committee, the national electronic contract filing platform adopts technologies such as identity authentication, asymmetric encryption, and distributed storage to ensure that the evidence is true and complete. The Forensic Expertise Center will accredit electronic data in compliance with the legal requirements of the original form and issue an appraisal report. It is believed that the system will further strengthen the evidence effectiveness of electronic contracts, facilitate the rapid resolution of disputes, and effectively protect the legitimate rights and interests of users. (Source: WEMONEY)
China Opens Door for Foreign-Invested Payment Entities
On March 21st, the People’s Bank of China issued the “Public Bank of China Notice No. 7 (2018)” (hereinafter referred to as the “Announcement”), which stipulates the access and supervision policies of foreign-invested payment entities.
The “Announcement” stipulates that overseas institutions intending to provide electronic payment services (e.g. domestic transactions and cross-border transactions) for entities within the territory of the People’s Republic of China shall establish foreign-invested enterprises within the territory of the People’s Republic of China, in accordance with the Administrative Measures for Payment Services to Non-Financial Institutions.
At the same time, the foreign-invested payment agencies should set up a business system and disaster recovery system that is safe, standardized, and capable of independently completing the processing of payment services within the territory of the People’s Republic of China.
In addition, the supervision, corporate governance, day-to-day operations, risk management, fund processing, deposits for deposits, and emergency arrangements of foreign-invested payment institutions should all comply with the regulatory requirements of the People’s Bank of China for non-bank payment institutions.
PayPal, the largest overseas third-party payment platform, said that China is an important strategic market and PayPal will try to complete its license application in China as soon as possible. (Source: Jiemian)
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Tencent to Launch Blockchain-based Logistics Project
On March 20th, Tencent and the China Federation of Logistics and Purchasing (CFLP) signed a strategic cooperation agreement and jointly announced its first cooperation project- a Blockchain-based supply chain alliance chain and a related cloud platform. In the future, the two parties will jointly develop a series of platforms based on Tencent’s Blockchain system, including electronic ticket delivery service platform, TMS (Transport Management System) & WMS (Warehouse Management System), pharmaceutical cold chain traceability platform, logistics & procurement financial platform, logistics & procurement insurance platform, and other industrial applications. (Source: 01Caijing)
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On March 20th, Chinese online finance marketplace Golden Bull Limited (DNJR) was listed on Nasdaq. ViewTrade Securities, Inc., a global provider of brokerage, investment banking, corporate / advisory and trading platform services, is acting as sole book-running manager for the offering.
Golden Bull Limited submitted the application on December 22nd 2017, and the prospectus was updated on March 9th 2018 for the last time. According to its statement, Golden Bull Limited will issue 1.55 million ordinary shares at a price of $4 per share, for total gross proceeds of approximately $6.2 million without deducting underwriter discounts, commissions, and issuance costs.
Underwriters have been granted to purchase up to 232,500 shares at the issue price in 45 days. Golden Bull Limited was launched in 2015 and currently headquartered in Shanghai. Golden Bull Limited is an online marketplace focusing on auto loans with a term from 30 days to 90 days. (Source: 01Caijing)
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