China: WeiyangX Fintech Review

Ant Financial and Bank of China Collaborate on Blockchain-based House Leasing Project in Xiong’an New Area

On April 20th, Ant’s Xiong’an Digital Technology Co., Ltd. and the Xiong’an branch of Bank of China, signed a strategic cooperation agreement in Xiong’an New Area.

In the future, the two sides will carry out in-depth cooperation on blockchain-based house leasing projects, providing financial service support for related parties and contribute to the development of house leasing in Xiong’an.

In January of this year, Xiong’an blockchain house leasing application platform was established and became the first domestic case to place blockchain technology in this sector.

Ant Financial Services is a provider of core blockchain technology; while CCB and Lianjia.com provide leasing information. Different from traditional leasing model, blockchain technology is featured as a more reliable Internet system, solving the problems of fraud and reducing the difficulties in house-seeking. (Source: Guandian.com)

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CCB Establishes a Wholly-Owned Fintech Company “Jianxin Financial Technology”

On April 18, the wholly-owned financial technology company under the China Construction Bank was unveiled in Shanghai. The company, Jianxin Financial Technology Co., Ltd. (hereinafter referred to as “CCB Financial Technology”), is the first bank-based financial technology company established by the state-owned banking giant. Its registered capital is RMB 1.6 billion, and the company is owned by CCB International (Holdings) Co., Ltd. through its wholly-owned company.

It is reported that in the initial period of its establishment, 3,000 staff from the 7 development centers and 1 R&D center directly under the CCB Group will join the newly established Fintech entity, which mainly serves CCB Group, subsidiaries and partners and provides technology output and other extensive services. (Source: ifeng)

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100credit.com Secures RMB 1 Billion AI-focused C Round Financing

On April 18th, 100credit.com, a Chinese intelligent technology platform, announced the completion of a one-billion-yuan C round financing. This investment was led by China Reform Holdings Corporation Ltd, a state sovereign wealth fund of the SASAC, and followed by Sequoia Capital (China). According to 100credit.com, the investment will be mainly used in three aspects: (1) hardware facilities and talents introduction for its artificial intelligence financial laboratory; (2) increasing investment in cutting-edge technologies (e.g. artificial intelligence, big data, blockchain, etc); (3) adding investment in Regtech and assisting regulators in preventing financial risks.

Over the past years, 100credit.com has obtained approximately 700-million-yuan investment from China International Finance Corporation, Hillhouse Capital, Sequoia (China), and IDG Capital in the previous A, B and B+ rounds of financing. With the current round of financing, the total financing of 100credit.com has reached 1.7 billion yuan. (Source: Lieyunwang.com)

JD Bought Over RMB 500 Million Shares of Allianz China General Insurance Company Ltd.

On April 16, the Insurance Industry Association website announced that Allianz China General Insurance Company Ltd. (AZCN) has received RMB 805 million capital from ecommerce giant JD, Shenzhen Huijing Tongda Business Consulting Co., Ltd. and China Sinda. The registered capital of AZCN has then increased to RMB 1.61 billion.  After the investment, the original shareholder Allianz Insurance Group holds 50% of the shares, JD holds 33.33%, Shenzhen Huijing Tongda Business Consulting Co., Ltd. 4.27%, and China Sinda 12.4%. In other words, JD has now become the second largest shareholder of AZCN. (Source: 01Caijing)

Chinese Fintech Companies are Heading for the Southeast Asian Market

On April 16, UOB Bank, the second largest commercial bank in Singapore, announced that it will establish a joint-venture called AVATEC with China Fintech’s PINTECH Intelligent Financial Services Group in which UOB Bank will hold 60% of the share and PINTECH 40%.

The core business of AVATEC is to provide financial credit services to financial companies and commercial institutions in Southeast Asia. According to the report, in the next two years, UOB will invest S$12 million (approximately US$9.15 million) into the newly established joint-venture.

William Wei, founder and CEO of PINTECH, said that the cooperation with UOB would help PINTECH further expand its share in Southeast Asian market. In the future, PINTECH will first introduce a new generation of intelligent credit assessment and decision-making solutions in Indonesia and plans to expand the business to other Southeast Asian markets within two years. (Source: yicai.com)

[clickToTweet tweet=”Chinese #Fintech Companies are Heading for the Southeast Asian Market” quote=”Chinese #Fintech Companies are Heading for the Southeast Asian Market”]


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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