Financial Inclusion Platform FINUP Plans Public Listing in Hong Kong
On April 23, China’s leading financial inclusion platform FINUP filed a listing application for the Hong Kong Exchanges and Clearing Limited (HKEX).
According to statistics, FINUP will be the fifth Fintech company from mainland China to file the application in Hong Kong this year.
Goldman Sachs, China Merchants Securities International, and Huatai Financial Holdings (Hong Kong) Limited shall serve as the joint sponsors. The prospectus did not disclose the amount of funds it seeks to raise.
FINUP’s main business is to provide personal loan services, including POS consumer installment services, and auto financing services. The online lending products are offered through its online platform iqianjin.com, while FINUP also conducts offline financial inclusion business by 208 offline branches. In addition to the loan business, FINUP also provides insurtech, financial leasing and factoring services. (Source: 01Caijing)
[clickToTweet tweet=”FINUP will be the fifth #Fintech company from mainland #China to file the application to trade shares in Hong Kong this year” quote=”FINUP will be the fifth #Fintech company from mainland #China to file the application to trade shares in Hong Kong this year”]
Ant Financial Invests in Bangladesh-based Fintech Startup bKash
On April 26, Bangladesh-based mobile financial service provider bKash and Ant Financial jointly announced a strategic partnership to promote the development of financial inclusion for the unbanked and underbanked communities in Bangladesh.
Established in 2010, bKash was founded by BRAC Bank and Money in Motion. At present, bKash has generated 10,000 agents and more than 30 million registered users in Bangladesh. Since 2013 and 2014, IFC and Bill & Melinda Gates Foundation have, respectively, become the shareholders of bKash.
It should be noted that bKash and Ant Financial were both named on the “Fortune Change World 2017” list, which is a recognition of companies that have had a positive social impact through their core business strategy activities. (Source: Finextra)
NIFA Establishes e-Contract Standards for Online Lending
On April 23, the National Internet Finance Association of China released a draft of standards on “Safety Regulations for Internet Finance Contracts”.
The document presented a particular emphasis on online lending by making requirements on the scope of the e-contracts, the validity of e-signatures, the conclusion of e-contracts and possible proof-providing. In particular, the document requires the e-contracts should be stored in the storage provider of a third-party. (Source: iyiou.com)
[clickToTweet tweet=”NIFA Establishes e-Contract Standards for #OnlineLending in #China #Fintech” quote=”NIFA Establishes e-Contract Standards for #OnlineLending in #China #Fintech”]
Tencent Launches China’s First Blockchain Gaming Application
On April 23, at the UP2018 Tencent New Culture Creation Conference, Tencent’s Game Innovation Studio and the TrustSQL jointly released Tencent’s first blockchain gamification application, “To catch the demon together.”
According to the white paper, Tencent uses blockchain technology to ensure that the data is trustworthy, game props are authorized, the actual role of blockchain props in the game, and the process of inheritance and permanent recording in the game are processed through blockchain ledger. (Source: 01Caijing)
[clickToTweet tweet=”Tencent Launches China’s First #Blockchain Gaming Application” quote=”Tencent Launches China’s First #Blockchain Gaming Application”]
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