PBOC Bans Unauthorized APP to Access Credit Rating System
Recently, the People’s Bank of China (PBOC), China’s central bank, issued a document named, “Notice on Further Strengthening the Management of Credit Information Security” (Yinfa  No. 102) (hereinafter referred to as “Document No. 102”), to further strengthen the management and security of credit information database. According to Document No. 102, credit reporting agencies and access agencies are strictly forbidden to query credit report without authorization, and unauthorized APP accessing to credit reporting systems is strictly prohibited. In addition, it is required to establish a leading group for credit information security work and make clear that the person in charge of the credit management work shall take the primary responsibility for related issue. (Source: WDZJ)
Banks in China Started to Embrace Blockchain Technology in 2017
As reported by CEBNet, 12 out of 26 listed banks in China stated in their annual report that they had applied Blockchain technologies in different use cases last year. The 12 institutions include three large state-owned commercial banks (Bank of China, China Construction Bank, and Agricultural Bank of China), as well as other joint-stock banks such as China Merchants Bank and some city commercial banks.
Applications that have been adopted include the use of Blockchain technology for bill business, cross-border business, and verification of user identities.
For example, according to the annual report submitted by the Agricultural Bank of China, the bank has developed a decentralized network to provide unsecured loans to merchants of agricultural e-commerce. (Source: CHAINB)
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It is reported that, citing people familiar with the matter, Ant Financial was close to reaching a $10 billion financing agreement. The final report may be formally announced on May 11. After this round of financing, probably the last round of fundraising before its IPO, the valuation of Ant Financial is expected to surpass $150 billion and Alibaba will hold a 33% stake in Ant Financial. (Source: mpaypass.com)
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First Foreign-Invested Third Party Payment and Clearing Agency is Heading for the Chinese Market
On May 2, the People’s Bank of China received a letter from WORLD FIRST regarding its application for a payment business license. This means that the first foreign-invested payment institution has taken the steps in entering the Chinese market. PayPal should have had the opportunity to become the first cross-border payment company from the United States to apply for this license, but the recent trade war between China and the United States has left an obstacle for it. As early as March 21 this year, PBOC issued an announcement which clarified the access rules and regulatory requirements of foreign-invested payment institutions. The authorities hoped that the announcement should be conducive to accelerating the process of opening up the third-party payment market in China. (Source: PayBaike)
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